The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019:

DateTransactionNumber

of UnitsUnit

CostTotal

Cost1/1Beginning inventory150$25$3,7501/24Purchase70302,1002/22Sale(100)--3/7Purchase90383,4204/10Purchase140354,9006/11Sale(100)--9/28Purchase50381,90012/4Sale(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.

c.LIFO results are different for partsaandbas timing of the application of LIFO rules is relevant.