Beginning inventory, purchases, and sales for Item 88-HX are as follows:

July 1		Inventory	106 units @ $20
8		Sale	85 units
15		Purchase	118 units @ $22
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
b. Inventory on July 31