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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: January 1 Inventory 96 units @ $16 5 Sale 77

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item CZ83 are as follows:

January 1 Inventory 96 units @ $16
5 Sale 77 units
11 Purchase 107 units @ $20
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 January 21 and (b) the inventory on January 31.

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

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