Perpetual Inventory Using LIFO

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

Oct. 1		Inventory	108 units @ $17
8		Sale	86 units
15		Purchase	120 units @ $19
27		Sale	101 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	$fill in the blank 1
b. Inventory on Oct. 31	$fill in the blank 2

Oct. 1 8 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Inventory 108 units @ $17 Sale 86 units 120 units @ $19 101 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 15 Purchase 27 Sale S S