Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item ER27 are as follows:

July 1 Inventory 94 units @ $24

5 Sale 75 units

11 Purchase 104 units @ $26

21 Sale 87 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 $ 524 b. Inventory on July 31