Please provide explantion with details.

1 The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016 Number Unit Total Transaction of Units Cost Cost Date Beginning 150 $33 $4,950 1/ nventory 1/24 Purchase 2/22 Sale 3/7 Purchase 4/10 Purchase 6/11 Sale 9/28 Purchase 12/4 Sale 70 33 2,310 (100) - 90 36 3,240 36 5,040 140 (100) - 50 37 1,850 (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 oods sold Ending invento 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 invento c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant. True False