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Question
Perpetual Inventory Using LIFO. Beginning inventory, purchases,and sales for Item PK95 are as follows:
July 1 Inventory 104 units @ $23
July 5 Sale 83 units
July 11 Purchase 115 units @ $26
July 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 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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