Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 86 units @ $17 8 Sale 69 units 15 Purchase 95 units @ $19 27 Sale 80 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