Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July 1 Inventory 88 units $27 5 Sale 70 units 11 Purchase 98 units $30 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 July 21 and (b) the inventory on July 31. a. Cost of merchandise sold on July 21 447 x b. Inventory on July 31 780 x