Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item ER27 are as follows:...
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Accounting
Perpetual Inventory Using LIFO
Beginning inventory, purchases, and sales for Item ER27 are as follows:
| January 1 | Inventory | 82 units @ $32 | |
| 5 | Sale | 66 units | |
| 11 | Purchase | 91 units @ $35 | |
| 21 | Sale | 76 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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