Perpetual Inventory Using LIFO

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

Jan. 1		Inventory	92 units @ $30
8		Sale	74 units
15		Purchase	102 units @ $33
27		Sale	86 units

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

a. Cost of goods sold on Jan. 27
b. Inventory on Jan. 31