Total length of the board: $8 \text{ ft} = 96$ inches.

Two pieces are cut: $42$ inches and $27$ inches. Each cut wastes $\frac{1}{8}$ inch, and there are 2 cuts:

$\text{Waste} = 2 \times \frac{1}{8} = \frac{1}{4} \text{ inch}$

Remaining piece:

$96 - 42 - 27 - \frac{1}{4} = 26.75 \text{ inches}$

Convert: $26.75 \text{ in} = 24 \text{ in} + 2.75 \text{ in} = 2 \text{ ft } 2\tfrac{3}{4} \text{ in}$.