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The Inventory records of Kuffel Company reflected the following information for the year ended December 31, 2022 Number of Unit Date 1/2 1/24 Transaction
The Inventory records of Kuffel Company reflected the following information for the year ended December 31, 2022 Number of Unit Date 1/2 1/24 Transaction Units Cost Total Cost Beginning inventory 150 $35 $5,258 Purchase 70 34 2,300 2/22 Sale (100) 3/7 4/18 Purchase Purchase 90 43 3,600 140 328 6/11 Sale (100) 9/28 12/4 Purchase Sale 1,858 (100) Required: e. Assume that Kuffel Company uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO b. Assume that Kuffel Company uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant Complete this question by entering your answers in the tabs below. Req A and B Reg C FIFO LIFO 10,590 a Cost of goods sold a Ending inventory b. Cost of goods sold b. Ending inventory Reg C >>
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