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The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016: Date Transaction Number of Units Unit Cost Total
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016:
Date | Transaction | Number of Units | Unit Cost | Total Cost | |||
1/1 | Beginning inventory | 150 | $ | 60 | $ | 9,000 | |
1/24 | Purchase | 70 | 66 | 4,620 | |||
2/22 | Sale | (100 | ) | - | - | ||
3/7 | Purchase | 90 | 70 | 6,300 | |||
4/10 | Purchase | 140 | 72 | 10,080 | |||
6/11 | Sale | (100 | ) | - | - | ||
9/28 | Purchase | 50 | 76 | 3,800 | |||
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.
FIFO LIFO Cost of goods sold Ending inventory FIFO LIFO Cost of goods sold Ending inventory
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