Perpetual Inventory Using LIFO

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

March 1		Inventory	94 units @ $25
5		Sale	75 units
11		Purchase	104 units @ $27
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 March 21 and (b) the inventory on March 31.

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