Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item ER27 are as follows:

January 1		Inventory	98 units @ $24
5		Sale	78 units
11		Purchase	109 units @ $28
21		Sale	92 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