Perpetual inventory using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 106 units @ $17 July 8 Sale 85 units July 15 118 units @ $19 July 27 Purchase 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 July 27 and (b) the inventory on July 31. a. Cost of goods sold on July 27 b. Inventory on July 31

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