Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 88 units @ $30 8 Sale 70 units 15 Purchase 98 units @ $32 27 Sale 82 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 $fill in the blank 1 2,788 b. Inventory on July 31 $fill in the blank 2 5,580