The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016 Number of Units Total Cost Unit Cost 34 40 Date Transaction 150 $ 33 $ 4,950 2,380 Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale 70 (100) 90 140 (100) 50 (100) 1/24 2/22 4/10 9/28 3,600 5,460 39 37 1,850 12/4 Required a. Assume that Kuffel Co. 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 Kuffel Co. 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. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant. True False