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Perpetual Inventory Using LIFO

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

Oct. $1$ Inventory $110$ units @ $$20$

$8$ Sale $88$ units

$15$ Purchase $122$ units @ $$23$

$27$ Sale $102$ 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 $2$