Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 104 units @ $16 8 Sale 83 units 15 Purchase 115 units @ $18 27 Sale 97 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