Perpetual Inventory Using UFO Beginning inventory, purchases, and sales for Item ER27 are as follows: July 1 Inventory 80 units $27 5 Sale 64 units 11 Purchas 89 units 531 21 Sale 75 units Assuming a perpetual inventory system and using the last in first-out (LFO) method, determine (a) the cost of merchandise sold on July 21 and (b) the inventory on July 31 a. Cost of merchandise sold on July 21 b. Inventory on July 31