Q7

The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Total Cost $ 4,350 2,450 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 Number Unit of Units Cost 150 $ 29 70 35 (100) 90 37 140 37 (100) 50 39 (100) 3,330 5,180 1,950 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. 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 O False