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

Date	Line Item Description	Value
July 1	Inventory	84 units @ $33
July 8	Sale	67 units
July 15	Purchase	93 units @ $37
July 27	Sale	78 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