# Ch 7-2 Practice ExerciseseBookShow Me HovwPrint Item1. PE 07-02 ALGOPerpetual Inventory Using LIFOBeginning inventory, purchases, and sales for Item HM46 are as follows:2. PE.07-03.ALGOOctober 1 Inventory88 units @ \$3370 units98 units @ \$3782 units3. PE-07-04A5 Sale11 Purchase21 Sale4. PE 07-05 ALGOAssuming 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 31a. Cost of merchandise sold on October 21 3,034b. Inventory on October 315. PE-07-06ALGO1,122XeedbackCheck My Work 0 more Check My Work uses remainingPreviousNextProgress: 215 itemsAssignment Score: 36.67%All work savedEmail InstructorSave and Exit Submit Assignment for Grading

Question

How do I find the value of the inventory of october 31? I tried solving for it but did not get the correct value

Step 1

Under Perpetual LIFO, cost of goods sold and end...

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