Perpetual inventory using LIFO

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

Date	Line Item Description	Value
July 1	Inventory	80 units @ $20
July 8	Sale	64 units
July 15	Purchase	89 units @ $24
July 27	Sale	75 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 of 2 b. Inventory on July 31 fill in the blank 2 of 2