The inventory records of Kuffel Company reflected the following information for the year ended December 31, 2019:

Date Transaction Number of Units Unit Cost Total Cost

1/1 Beginning inventory 150 $32 $ 4,800 1/24 Purchase 70 $33 $2,310 2/22 Sale (100) $0 $0 3/7 Purchase 90 $39 $3,510 4/10 Purchase 140 $37 $5,180 6/11 Sale (100) $0 $0 9/28 Purchase 50 $38 $1,900 12/4 Sale (100) $0 $0

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.