Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: 104 units @ $29 Oct. 1 Inventory 8 Sale 83 units 115 units @ $31 15 Purchase Sale 27 97 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31. a. Cost of goods sold on Oct. 27 b. Inventory on Oct. 31