ory and cost 2. Practice Problem 1 on page 291 showed cost of goods sold computations under a perising three cost odic inventory system. Now let's assume that Gerald D. Englehart Company uses a perpetual inventory system. The company has the same inventory, purchases, and sales data for the month of March as shown earlier: The physical inventory count on March 31 shows 500 units on hand. Instructions Under a perpetual inventory system, determine the cost of inventory on hand at March 31 and the cost of goods sold for March under (a) FIFO, (b) LIFO, and (c) moving-average cost