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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item PK95 are as follows:...

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Accounting

Perpetual Inventory Using LIFO

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

March 1 Inventory 110 units @ $34
5 Sale 88 units
11 Purchase 122 units @ $38
21 Sale 102 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 $

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