Perpetual Inventory Using LIFO

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

January 1		Inventory	90 units @ $19
5		Sale	72 units
11		Purchase	100 units @ $22
21		Sale	84 units

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

a. Cost of merchandise sold on January 21	$
b. Inventory on January 31