Question: please answer with correct calculations and explanations. Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory

please answer with correct calculations and explanations.

Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 106 units @ $28 July 8 Sale 85 units July 15 Purchase 118 units @ $32 July 27 Sale 99 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 5,548 X b. Inventory on July 31 1,280 X

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