Perpetual Inventory Using LIFO

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

Jul. 1		Inventory	86 units @ $15
8		Sale	69 units
15		Purchase	95 units @ $17
27		Sale	80 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jul. 27 and (b) the inventory on Jul. 31.

a. Cost of goods sold on Jul. 27	$
b. Inventory on Jul. 31	$