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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jul. 1 Inventory 106 units @ $29 8 Sale 85
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item 88-HX are as follows:
| Jul. 1 | Inventory | 106 units @ $29 | |
| 8 | Sale | 85 units | |
| 15 | Purchase | 118 units @ $31 | |
| 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 Jul. 27 and (b) the inventory on Jul. 31.
| a. Cost of goods sold on Jul. 27 | $ |
| b. Inventory on Jul. 31 | $ |
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