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eBook Show Me How Print Item Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: March 1 Inventory 96

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Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item PK95 are as follows:

March 1 Inventory 96 units @ $18
5 Sale 77 units
11 Purchase 107 units @ $20
21 Sale 90 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
b. Inventory on March 31

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