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

Jan. 1 Inventory 90 units @ $34

Jan. 8 Sale 72 units

Jan. 15 Purchase 100 units @ $37

Jan. 27 Sale 84 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 $