perpetual inventory using LIFO

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 * Show Me How Calculator Printiem Perpetual Inventory Using UFO Beginning inventory, purchases, and sales for Item C283 are as follows July 1 Inventory 106 units $21 5 Sale 85 units 11 Purchase 118 units $25 21 Sale 99 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