Perpetual Inventory Using UFO Beginning inventory, purchases, and sales for Item HM46 are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LFO) method, determine (a) the cost of merchandise sold on March 21 and (b) the invintary an March 31. Foedsace T check Wrak from each layer after each sule. b. The ending inventory is made up of the oldest purchases