Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 84 units $23 5 Sale 67 units 11 Purchase 93 units $26 21 78 units Sale Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of marchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31