Beginning inventory, purchases, and sales for Item ER27 are as follows:

 

Nov. 1

Inventory

40 units at $5 s

5

Sale

32 unit

11

Purchase

60 units at $7

21

Sale

45 units

Assuming a perpetual inventory system and using the last in, first out (LIFO) method, determine (a) the cost of the merchandise sold on November 21 and (b) the inventory on November 30.