Beginning inventory, purchases, and sales for Item 88-are as follows July 1 Inventory 90 units at $56 July 8 Sale 60 units July 15 Purchase 120 units at 60 July 27 Sale units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine a) the cost of goods sold July 27 and (b) the inventory on July 31

a) cost of goods sold on july 27

b) inventory on july 31