The inventory records of Cushing, Inc., reflected the following information for the year ended December 31, 2016:

	Number of Units		Unit Cost		Total Cost
Inventory, January 1	100		$	26	$	2,600
Purchases:
May 30	160			30		4,800
September 28	200			32		6,400
Goods available for sale	460				$	13,800
Sales:
April 10	(70	)
June 11	(150	)
November 1	(190	)
Inventory, December 31	50

Required:

a. Assume that Cushing, Inc., uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.

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 FIFO LIFO Cost of goods sold Ending inventory