Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 100 units @ $23 8 Sale 80 units 15 Purchase 27 Sale 111 units $27 93 units Assuming a perpetual inventory system and using the last-in, first out (LIFO) method, determine (a) the cost of goods sold on July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31