Perpetual Inventory Using LIFO

Beginning inventory, purchases, and sales for Item Foxtrot are as follows:

Mar. 1		Inventory	270 units at $18
8		Sale	225 units
15		Purchase	375 units at $20
27		Sale	240 units

Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of merchandise sold on March 27 and (b) the inventory on March 31.

a.	Cost of merchandise sold on March 27	$
b.	Inventory on March 31	$