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.