Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 8 Sale 15 Purchase 27 Sale 104 units @ $30 83 units 115 units @ $32 97 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determi a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31 last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31.