The inventory records of Cushing Incorporated reflected the following information for the year ended December 31, 2022:

	Number of Units	Unit Cost	Total Cost
Inventory, January 1	190	$ 12.5	$ 2,375
Purchases:
May 30	320	14.5	4,640
September 28	400	16.5	6,600
Goods available for sale	910		$ 13,615
Sales:
April 10	(140)
June 11	(300)
November 1	(380)
Inventory, December 31	90

Required:

1. Assume that Cushing, Incorporated, uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
2. Assume that Cushing, Incorporated, uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
3. Is there a change in cost of goods sold and ending inventory in parts a and b under LIFO.
4. The results from the LIFO periodic calculations in part a cannot possibly represent the actual physical flow of inventory items.