Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Date Line Item Description Value July 1 Inventory 90 units at $56 July 8 Sale 60 units July 15 Purchase 120 units at $60 July 27 Sale 80 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 fill in the blank 1 of 2 b. Inventory on July 31 fill in the blank 2 of 2