Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows:

Jan. 1 Inventory 110 units @ $33

8 Sale 88 units

15 Purchase 122 units @ $36

27 Sale 102 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