The inventory records of Cushing Inc. reflected the following information for the year ended December 31, 2019:

	Number of Units			Unit Cost		Total Cost
Inventory, January 1		210		$	12.5	$	2,625
Purchases:
May 30		320			14.5		4,640
September 28		400			16.5		6,600
Goods available for sale		930				$	13,865
Sales:
April 10		(140	)
June 11		(300	)
November 1		(380	)
Inventory, December 31		110

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