Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item GY9 are as follows: Mar. 1 Inventory 365 units at $24 8 Sale 305 units 15 Purchase 510 units at $26 27 Sale 325 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