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

Required:

a$.$ Assume that Cushing, Incorporated, uses a periodic inventory system. Calculate cost of goods sold and ending inventory under

FIFO and LIFO.

b$.$ Assume that Cushing, Incorporated, uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under

FIFO and LIFO.

c$.$ Is there a change in cost of goods sold and ending inventory in parts a and $b$ under LIFO.

d$.$ The results from the LIFO periodic calculations in part a cannot possibly represent the actual physical flow of inventory items.

Complete this question by entering your answers in the tabs below.

a$.$ Assume that Cushing, Incorporated, uses a periodic inventory system. Calculate cost of goods sold and ending inventory

under FIFO and LIFO.

b$.$ Assume that Cushing, Incorporated, uses a perpetual inventory system. Calculate cost of goods sold and ending inventory

under FIFO and LIFO.