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Beginning inventory, purchases, and sales for Item CZ83 are as follows: March 1 Inventory 92 units @ $15 5 Sale 74 units 11 Purchase 102
Beginning inventory, purchases, and sales for Item CZ83 are as follows:
| March 1 | Inventory | 92 units @ $15 | |
| 5 | Sale | 74 units | |
| 11 | Purchase | 102 units @ $19 | |
| 21 | Sale | 86 units |
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.
| a. Cost of merchandise sold on March 21 | $fill in the blank 1 |
| b. Inventory on March 31 | $fill in the blank 2 |
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