Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows:

July 1 Inventory 110 units @ $31

5 Sale 88 units

11 Purchase 122 units @ $35

21 Sale 102 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	$