Question: Question Content Area Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: October 1 Inventory 104 units @ $26

  1. Question Content Area

    Perpetual Inventory Using LIFO

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

    October 1 Inventory 104 units @ $26
    5 Sale 83 units
    11 Purchase 115 units @ $29
    21 Sale 97 units

    Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on October 21 and (b) the inventory on October 31.

    a. Cost of merchandise sold on October 21 $fill in the blank 1
    b. Inventory on October 31 $fill in the blank 2

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