The inventory records of Kuffel Company reflected the following information for the year ended December $31,2022$:

Required:

a$.$ 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 $B$