Perpetual Inventory Using LIFO

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

January 1		Inventory	82 units @ $32
5		Sale	66 units
11		Purchase	91 units @ $35
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 January 21 and (b) the inventory on January 31.

a. Cost of merchandise sold on January 21	$
b. Inventory on January 31	$