PE 7-3A Perpetual inventory using LIFO Beginning inventory, nerchases, and sales for Item Zebra 9x are as follows: OBJ. 3 April 1 10 18 27 Inventory420 units at $8 Sale Purchase280 units at $9 Sale 300 units 250 units Assuming a perpetual inventory system and using the last-in, first-out CLIFO) method, deter- mine (a) the cost of merchandise sold on April 27 and (b) the inventory on April 30. Example Exercise 7-3 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item ER27 are as follows: Nov. Inventory 40 units at $5 Dynamic Exhibit 5 Sale 30 units 11 Purchase 70 units at $7 21 Sale 36 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of the merchandise sold on November 21 and (b) the inventory on November 30. Follow My Example 7-3 a. Cost of merchandise sold (November 21): b. Inventory, November 30: 50 $252 (36 units x $7) 10 units at $5 34units at S7 44 units $288 Drartice Everricec DE 7-3A DE 7-2R