Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 90 units @ $35 8 Sale 72 units 15 Purchase 100 units @ $39 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 July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 $fill in the blank 1 b. Inventory on July 31 $fill in the blank 2