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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 8 15 27 Inventory Sale Purchase 86 units @ $22 95 units @ $25 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 Sale 69 units 03 % 9 G 3

Perpetual Inventory Using UFO Beginning inventory, purchases, and sales for item 88HX are as follows: Assuming s perpetual inventory system and using the last-in, first-out (LFF) method, determine (o) the cost of goods sold on July 27 and (b) the inventory on July 31