Beginning inventory, purchases, and sales for Item HM46 are as follows:

July 1 Inventory 88 units @ $22

5 Sale 70 units

11 Purchase 98 units @ $25

21 Sale 82 units

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

a. Cost of merchandise sold on July 21 ____________

b. Inventory on July 31 ______________