Perpetual Inventory Using LIFO

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

July 1 Inventory 98 units @ $34

July 8 Sale 78 units

July 15 Purchase 109 units @ $37

July 27 Sale 92 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 $_________________

b. Inventory on July 31 $_________________