Help Save & Exit Sub Required: a. Assume that Kuffel Co. uses a periodic Inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO L IFO Cost of goods sold Ending inventory b. Assume that Kuffel Co. uses a perpetual Inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory C. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant True False The inventory records of Kuffel Co, reflected the following information for the year ended December 31, 2019: Date Total Cost $ 4.200 2,380 1/1 70 1/24 2/22 Number Unit of Units Cost 150 $ 20 34 (100) 90 140 (100) Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale 3/7 3,420 5,180 4/10 6/11 9/28 12/4 1.900 (100) Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO