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Beginning inventory, purchases, and sales for Item 8 8 - HX are as follows: Date Line Item Description Value July 1 Inventory 1 1 0

Beginning inventory, purchases, and sales for Item 88-HX are as follows:
Date Line Item Description Value
July 1 Inventory 110 units @ $31
July 8 Sale 88 units
July 15 Purchase 122 units @ $34
July 27 Sale 102 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 fill in the blank 1 of 2
b. Inventory on July 31 fill in the blank 2 of 2

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