Perpetual Inventory Using LIFO

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

Jul. 1		Inventory	100 units @ $32
8		Sale	80 units
15		Purchase	111 units @ $36
27		Sale	93 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	$fill in the blank 1
b. Inventory on Jul. 31	$fill in the blank 2