Perpetual Inventory Using UFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 82 units $30 8 Sale 66 units 15 Purchase 91 units $34 27 Sale 76 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 b. Inventory on July 31