The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units Unit Cost Total Cost 150 $ 33 $4,950 33 2,310 Date Transaction Beginning 1/1 inventory 1/24 Purchase 2/22 Sale 3/7 Purchase 4/10 Purchase 6/11 Sale 9/28 Purchase 12/4 Sale 70 (100) 90 140 (100) 50 (100) 39 38 3,510 5, 320 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