Question Content AreaPerpetual inventory using LIFOBeginning inventory, purchases, and sales for Item $88-$HX are as follows:DateLine Item DescriptionValueJuly $1$Inventory$98$ units @ $$21$July $8$Sale$78$ unitsJuly $15$Purchase$109$ units @ $$25$July $27$Sale$92$ unitsAssuming 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 $31$st