Perpetual inventory using UFO Beginning inventory, purchases, and sales for 1 tem 88Hx are as folkow: Assuming a perpetual imventory system and using the last-in, first-out (UFO) method, determine (a) the cost of poods sold on July 27 and (b) the inyentory on July 31 : a. Cost of goods sold an July 27 6. Inventory on July 31