Perpetual Inventory Using LIFO

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

Oct. 1		Inventory	80 units @ $17
8		Sale	64 units
15		Purchase	89 units @ $19
27		Sale	75 units

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

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