The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016: Unit Cost $ 29 32 Total Cost $ 4,350 2,240 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 1214 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale Number of Units 150 70 (100) 90 140 (100) 50 (100) 36 37 3,240 5,180 38 1,900 Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory 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 c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant. True False