Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jul. 1 Inventory 90 units $28 8 Sale 72 units 15 Purchase 100 units @$32 27 Sale 84 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jul. 27 and (b) the inventory on Jul. 31. a. Cost of goods sold on Jul. 27 b. Inventory on Jul. 31