Using FiFo Calculator Perpetual Inventory Using LIFGo Beginning inventory, purchases, and sales for Item ER27 are as follows 80 units $23 64 units 89 units $27 75 units July 1 Inventory 5 Sale 11 Purchase 21 Sale Assuming a perpetual inventory system and using the last-in, first-out (LIFO) 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 ?Pre Next