Perpetual inventory using LIFO OBJ. 3 Beginning inventory, purchases, and sales for Item Foxtrot are as follows:

Mar. 1 Inventory 270 units at $18 8 Sale 225 units 15 Purchase 375 units at $20 27 Sale 240 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine

(a) the cost of merchandise sold on March 27 and

(b) the inventory on March 31.