Perpetual Inventory Using LIFO,Beginning inventory, purchases, and sales for Item CZ83 are as follows:
| October 1 |
|
Inventory |
108 units @ $17 |
| 5 |
|
Sale |
86 units |
| 11 |
|
Purchase |
120 units @ $20 |
| 21 |
|
Sale |
101 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.