Perpetual Inventory Using LIFO

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

January 1 Inventory 100 units @ $25

5 Sale 80 units

11 Purchase 111 units @ $28

21 Sale 93 units

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

a. Cost of merchandise sold on January 21 $________________

b. Inventory on January 31 $_______________