Perpetual Inventory Using UFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 Inventory 110 units $28 8 Sale 88 units 15 Purchase 122 units [$32 27 Sale 102 units Assuming a perpetual inventory system and using the last-in, first out (UFO) method, determine (a) the cost of goods sold on M inventory on Mar 31, a. Cost of goods sold on Mar. 27 . b. Inventory on Mar 31 .