Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 86 units @ $18 8 Sale 69 units 15 Purchase 95 units @ $20 27 Sale 80 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