Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 94 units @ $21 8 Sale 75 units 15 Purchase 104 units @ $24 27 Sale 87 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31 Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta 9 are as follows: Oct. 1 Inventory 73 units @ $17 7 Sale 15 Purchase 55 units 66 units @ $18 26 units 24 Sale Assuming a perpetual inventory system and using the first in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 1,385 X b. Inventory on October 31 1,044