Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: 86 units @ $32 Inventory Mar. 1 Sale 8 69 units 95 units @ $34 Purchase 15 Sale 27 80 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 $