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?