Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 110 units @ $19 5 Sale 88 units 11 Purchase 122 units @ $21 21 Sale 102 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31