Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88HX are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LfFo) 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