Perpetual Inventory Using LIFO

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

Jul. 1		Inventory	102 units @ $20
8		Sale	82 units
15		Purchase	113 units @ $23
27		Sale	95 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