Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: 80 units @ $31 64 units July 1 8 15 27 Inventory Sale Purchase Sale 89 units @ $34 75 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