Perpetual Inventory UsingLIFO

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

July 1		Inventory	90 units at $54
8		Sale	75 units
15		Purchase	125 units at $60
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 July 27 and (b) the inventory on July 31.

a.	Cost of goods sold on July 27	$
b.	Inventory on July 31