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Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Mar. 1 8 15 27 Inventory Sale Purchase Sale 82 units @ $18 66 units 91 units @ $22 76 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, X X

Perpetual Inventory Using UFO Beginning inventory, purchases, and sales for item 884X are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LFO) method, determine (a) the cost of goods sold on Mar. 27 and (b) the inventory on Mar, 31