Perpetual Inventory Using LIFO

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

Oct. 1 Inventory 106 units @ $20 8 Sale 85 units 15 Purchase 118 units @ $23 27 Sale 99 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Oct. 27 and (b) the inventory on Oct. 31.

a. Cost of goods sold on Oct. 27 = b. Inventory on Oct. 31 =