The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016:
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Question:
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 | $ | 32 | $ | 4,800 | |
1/24 | Purchase | 70 | 33 | 2,310 | |||
2/22 | Sale | (100 | ) | - | - | ||
3/7 | Purchase | 90 | 35 | 3,150 | |||
4/10 | Purchase | 140 | 38 | 5,320 | |||
6/11 | Sale | (100 | ) | - | - | ||
9/28 | Purchase | 50 | 38 | 1,900 | |||
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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