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