Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item 88-HX are as follows:

Mar. 1		Inventory	80 units @ $24
8		Sale	64 units
15		Purchase	89 units @ $26
27		Sale	75 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	$fill in the blank 1
b. Inventory on Mar. 31