Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Inventory 106 units $32 Oct. 1 8 Sale 85 units Purchase 15 118 units @ $34 Sale 27 99 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