Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for item 88-HX are as follows: Mar. 1 90 units $16 Inventory Sale 8 15 Purchase 72 units 100 units @ $20 84 units 27 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 1,680 b. Inventory on Mar 31