Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item PK95 are as follows:

October 1		Inventory	96 units @ $25
5		Sale	77 units
11		Purchase	107 units @ $27
21		Sale	90 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31.

a. Cost of merchandise sold on October 21	$fill in the blank 1
b. Inventory on October 31	$fill in the blank 2