Perpetual Inventory Using LIPO Beginning inventory, purchases, and sales for Item PK95 are as follows: January 1 106 units @ $23 85 units Inventory Sale Purchase Sale 118 units @ $27 11 21 99 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) a. Cost of merchandise sold on January 21 b. Inventory on January 31