Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 110 units $16 8 Sale 88 units 15 Purchase 122 units $20 27 Sale 102 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