Perpetual Inventory Using LIFO

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

July 1		Inventory	82 units @ $24
5		Sale	66 units
11		Purchase	91 units @ $26
21		Sale	76 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