Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can someone help me with part B? The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number
Can someone help me with part B?
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 Unit Cost $ 33 34 Total Cost $ 4,950 2,380 70 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale 39 36 3,510 5,040 (100) 90 140 (100) 50 (100) 37 1,850 Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. Answer is complete and correct. Cost of goods sold Ending inventory $ $ FIFO 10,450 7,280 $ $ LIFO 11,080 6,650 b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. Answer is not complete. LIFO FIFO 10,450 $ Cost of goods sold Ending inventory 7,080Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started