Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item HM46 are as follows:

July 1		Inventory	104 units @ $32
5		Sale	83 units
11		Purchase	115 units @ $35
21		Sale	97 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	$