Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: October 1 Inventory 104 units @ $30 5 Sale 83 units 11 Purchase 115 units @ $32 21 Sale 97 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