Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Oct. 1 Inventory 98 units @ $30 8 Sale 78 units 15 Purchase 109 units @ $34 27 Sale 92 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 $fill in the blank 1 b. Inventory on Oct. 31 $fill in the blank 2