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

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Accounting

Perpetual Inventory Using LIFO

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

Jul. 1 Inventory 102 units @ $20
8 Sale 82 units
15 Purchase 113 units @ $23
27 Sale 95 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 $fill in the blank 1
b. Inventory on Jul. 31 $fill in the blank 2

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