$\begin{array}{l}\text{ Here,}\\ \\ {\text{= (31)}}^{\text{3}}\times {\text{(31)}}^{\text{-27}}\\ \\ \text{By the rule of indices, we get}\\ \\ {\text{= (33)}}^{\text{31- 27}}{\text{= (31)}}^{\text{4}}\\ \\ {\text{= (961)}}^{\text{2}}[\because {31}^2=961]\end{array}$

Hence, Option A is correct.