Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 96 units @ $25 8 Sale 77 units 15 Purchase 107 units @ $29 27 90 units Sale 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 2,610 b. Inventory on Mar. 31