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

Last updated: 7/18/2022

Beginning inventory, purchases, and sales for Item 88-HX are as follows: July 1 Inventory 96 units @ $16 8 Sale 77 units 15 Purchase 107 units @ $19 27 Sale 90 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