Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31.

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item C283 are as follows: March 1 Inventory 110 units @ $25 5 Sale 88 units 11 Purchase 122 units @ $29 21 Sale 102 units Assuming a perpetual inventory system and using the last-in, rst-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31. 3. Cost of merchandise sold on March 21 34:] b. Inventory on March 31 $:]