Perpetual Inventory Using LFO Beginning inventory, purchases, and sales for Item PK95 are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on Jul) 31. Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for ttem PK9S are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on August 25 and (b) the inventory on August 31