The inventory records of Kuffel Co. reflected the following information the year ended December 31, 2019: Number of Units 150 Transaction Beginning inventory Purchase Unit Cost S 2 Date 1/1 1/24 2/22 3/7 3 Cost .4.200 2,380 (100) 38 3,420 5.180 (100) 6/11 9/28 Purchase Sale Purchase Sale 1,900 12/4 (100) 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 Help Save & E Required: a. Assume that Kuffel Co. uses a periodic Inventory system. Calculate cost of goods sold and ending Inventory under FIFO and 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 L IFO Cost of goods sold Ending inventory c. LIFO results are different for parts a and b as timing of the application of UFO rules is relevant True False