Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: October 1 Inventory 98 units @ $21 October 5 Sale 78 units October 11 Purchase 109 units @ $25 October 21 Sale 92 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. Cost of merchandise sold on October 21 $ Inventory on October 31 $