Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: March 1 5 Inventory Sale Purchase 110 units @ $30 88 units 122 units @ $34 11 21 Sale 102 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the inventory on March 31. a. Cost of merchandise sold on March 21 b. Inventory on March 31