The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016: Number Unit Total Date Transaction of Units Cost Cost 1/1 Beginning inventory 150 $ 32 $ 4,800 1/24 Purchase 70 33 2,310 2/22 Sale (100) Purchase 90 36 3,240 4/10 Purchase 140 37 5,180 6/11 Sale (100) 9/28 Purchase 50 39 1,950 12/4 Sale (100) 3/7 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