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The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Date Transaction Number of Units Unit Cost Total
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019:
Date | Transaction | Number of Units | Unit Cost | Total Cost | |||
1/1 | Beginning inventory | 150 | $ | 25 | $ | 3,750 | |
1/24 | Purchase | 70 | 34 | 2,380 | |||
2/22 | Sale | (100 | ) | - | - | ||
3/7 | Purchase | 90 | 37 | 3,330 | |||
4/10 | Purchase | 140 | 38 | 5,320 | |||
6/11 | Sale | (100 | ) | - | - | ||
9/28 | Purchase | 50 | 39 | 1,950 | |||
12/4 | Sale | (100 | ) | - | - | ||
Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
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