Question: Mar. 1 8 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Inventory 84 units @ $25 Sale 67

Mar. 1 8 Perpetual Inventory Using LIFO Beginning inventory, purchases, and

Mar. 1 8 Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Inventory 84 units @ $25 Sale 67 units Purchase 93 units @ $28 27 Sale 78 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 15

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