Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows 110 units @ $24 88 units 122 units@ $26 102 units July1 Inventory 5 Sale 11 Purchase 21 Sale Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 b. Inventory on July 31