Perpetual Inventory Using LIFO

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

July 1		Inventory	94 units @ $19
8		Sale	75 units
15		Purchase	104 units @ $21
27		Sale	87 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	$fill in the blank 1
b. Inventory on July 31	$fill in the blank 2