Perpetual inventory using LIFO Obj. 3 Beginning inventory, purchases, and sales for Item 88-HX are as follows:

July 1 Inventory 90 units at $52 8 Sale 75 units 15 Purchase 125 units at $58 27 Sale 100 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.

AppendixLO1