automatically Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item CZ83 are as follows: 110 units $25 88 units 122 units @$29 102 units July1 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 2 b. Inventory on July 31