Perpetual Inventory Using LIFO eginning inventory, purchases, and sales for Item PK95 are as follows: January 1 Inventory 5 Sale 11 Purchase 21 Sale 92 units @ $15 74 units 102 units @ $19 86 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 HTML Edit