Perpetual Inventory Using LIFO 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. a. Cost of merchandise sold on March 27 $ b. Inventory on March 31