The inventory records of Cushing, Inc., reflected the following information for the year ended December 31, 2016 Number Unit of Units Cost Total Cost 100 $26 $ 2,600 Inventory, January 1 Purchases May 30 September 28 Goods available for sale Sales April 10 June 11 November 1 Inventory, December 31 160 200 460 30 32 4,800 6,400 $13,800 (70) (150) 190 50 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 Yes No d. The results from the LIFO periodic calculations in part a cannot possibly represent the actual physical flow of inventory items True False