Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: 90 units at $52 July 1 8 Inventory Sale Purchase 75 units a. Cost of goods sold on July 27 b. Inventory on July 31 15 27 Sale 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. 125 units at $58 100 units

Rerpefual Inventery Using uro Beginning inventory, purchases, and sales for ttem 88HX art as follows: Assuming a perpetual inventory system and using the last-in, first-qut (UFO) method, deteemine (a) the cost of goods sold on July 27 and (b) the inventary on July 31