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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

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 $

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