Question: Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows: July 1 Inventory 96 units @ $22 5 Sale 77

Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item PK95 are as follows:

July 1 Inventory 96 units @ $22
5 Sale 77 units
11 Purchase 107 units @ $26
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 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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