Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 100 units @ $19 8 Sale 80 units 15 Purchase 111 units @ $22 27 Sale 93 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) 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 $fill in the blank 1 b. Inventory on Jan. 31 $fill in the blank 2