Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: October 1 Inventory 94 units @ $16 5 Sale 75 units 11 Purchase 104 units

Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: October 1 Inventory 94 units @ $16 5 Sale 75 units 11 Purchase 104 units @ $18 21 Sale 87 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

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