Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the 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 $