2. BE.06-03.ALGO (Algorithmic) Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 86 units $35 8 Sale69 units 15 Purchase 95 units@$37 27 Sale 8 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar. 31. a. Cost of goods sold on Mar. 27 $ b. Inventory on Mar. 31