Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-1X are as follows: July 1 Inventory 98 units $33 8 Sale 78 units 15 Purchase 109 units $36 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 July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31