Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 100 units $15 8 Sale BO units 15 Purchase 111 units $18 27 Sale 93 units Assuming a perpetual inventory system and using the lost-in, first-out (LFO) method, determine (a) the cost of goods sold on Jan, 27 and (b) the inventory on Jan. 31 a. Cost of goods sold on Jan 27 b. Inventory on Jan. 31