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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 106 units @ $30 5 Sale 85
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item PK95 are as follows:
| July 1 | Inventory | 106 units @ $30 | |
| 5 | Sale | 85 units | |
| 11 | Purchase | 118 units @ $34 | |
| 21 | Sale | 99 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 | $ |
| b. Inventory on July 31 | $ |
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