The inventory records of Cushing, Inc., reflected the following information for the year ended December 31, 2016: Total Cost $ 2,565 Number of Units 190 Unit Cost $ 13.5 Inventory, January 1 Purchases: May 30 September 28 Goods available for sale Sales: 320 400 910 15.0 17.0 4,800 6,800 $14,165 April 10 June 11 November 1 (140) (300) (380) 90 Inventory, December 31 Required a. Assume that Cushing, Inc., 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 Cushing, Inc., 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. Is there a change in cost of goods sold and ending inventory in parts a and b under LIFO. O Yes No d. The results from the LIFO periodic calculations in part a cannot possibly represent the actual physical flow of inventory items. O True O False