Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July 1 Inventory 40 units @ $16 9 Sale 30 units 13 Purchase 42 units @ $18 25 Sale 17 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on July 25 and (b) the inventory on July 31. a. Cost of merchandise sold on July 25 314 b. Inventory on July 31 $ 630 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: October 1 Inventory 88 units @ $24 5 Sale 70 units 11 Purchase 98 units @ $26 21 Sale 82 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 $ b. Inventory on October 31 816