Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: July 1 Inventory 104 units @ $24 5 Sale 83 units 11 21 Purchase Sale 115 units $27 97 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 b. Inventory on July 31