Perpetual Inventory Using LIFO

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

Mar. 1		Inventory	108 units @ $24
8		Sale	86 units
15		Purchase	120 units @ $28
27		Sale	101 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