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

1. Pestr rocoiptsi Cash received frem customens Cash recehed from additional investrment by
ewner 560.130 16.620 Cash pariments1 Gash paid for expenses and supples Crih paid for land
Cash paid ta oviner for persenal use. Cash balance an of January 1 Linda's Design Siervices
Statement of Cash Flows. For the Year Ended December 11 Cash ficous trom (osed for)
eperating activitieb enth neceived frem cuitames of Cash paid for expunues and supples = Most
cashifler from operzancerticutien o Cash flows from (used for) inventing activitiest. Gabuegid
for land + F Cash flasis from (used for) financing acti tiesi.