Perpetual Inventory Using UFO Beginning inventory, purchases, and sales for Item C283 are as follows: October 1 Inventory 108 units $24 5 Sale 86 units 11 Purchase 120 units $28 21 Sale 101 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 b. Inventory on October 31