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Beginning inventory, purchases, and sales for Item 88-HX are as follows:July 1 Inventory 96 units...

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Beginning inventory, purchases, and sales for Item 88-HX are as follows:July 1 Inventory 96 units @ $168 Sale 77 units15 Purchase 107 units @ $1927 Sale 90 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.a. Cost of goods sold on July 27b. Inventory on July 31

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