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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July 1 Inventory 104 units @ $33 5 Sale 83

Perpetual Inventory Using LIFO

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

July 1 Inventory 104 units @ $33
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 $

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