Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jul. 1 Inventory 86 units @ $15 8 Sale 69 units 15 Purchase 95 units @ $17 27 Sale 80 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 $