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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