8 Sale Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 94 units $32 75 units Purchase 104 units $34 27 Sale 87 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 15 b. Inventory on Mar 31