Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 104 units @ $30 8 Sale 83 units 15 Purchase 115 units @ $34 27 Sale 97 units Assuming a perpetual inventory system and using the last- in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 98 units @ $15 8 Sale 78 units 15 Purchase 109 units @ $17 27 Sale 92 units Assuming a perpetual inventory system and using the last- in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31