Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 80 units @ $26 8 Sale 64 units 15 Purchase 89 units @ $28 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 b. Inventory on Mar. 31