Perpetual Inventory Using LIFO

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

Oct. 1		Inventory	84 units @ $16
8		Sale	67 units
15		Purchase	93 units @ $18
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 Oct. 27 and (b) the inventory on Oct. 31.

a. Cost of goods sold on Oct. 27	$fill in the blank 1
b. Inventory on Oct. 31	$fill in the blank 2