The inventory records of Cushing, Inc., reflected the following information for the year ended December 31, 2010:

Required:
a. Assume that Cushing, Inc., uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
b. Assume that Cushing, Inc., uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
c. Explain why the FIFO results for cost of goods sold and ending inventory are the same in your answers to parts a and b, but the LIFO results are different.
d. Explain why the results from the LIFO periodic calculations in part a cannot possibly represent the actual physical flow of inventoryitems.

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Number Unit Total of Units Cost Cost nventory, January Purchases: May 30.... September 28. Goods available for sale... Sales: 200 $13 $2,600 320 15 4,800 400 16 920 6,400 $13,800 February 22 June 11 November 1 (140) (300) (380) 100 Inventory, Dacember 31..