Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item HM46 are as follows: January 1 Inventory 94 units @ $18 5 Sale 75 units 11 Purchase 104 units @ $20 21 Sale 87 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on January 21 and (b) the inventory on January 31. a. Cost of merchandise sold on January 21 b. Inventory on January 31