Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: October 1 Inventory 5 Sale 11 Purchase 21 Sale 98 units @ $19 78 units 109 units @ $23 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 a. Cost of merchandise sold on October 21 2,116 b. Inventory on October 31