Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 92 units @ $23 8 Sale 74 units 15 Purchase 102 units @ $25 27 Sale 86 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