The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2013. (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. (c) LIFO results are different for (a) and (b) as timing of the application of LIFO rules is relevant. False True