The inventory records of Cushing, Inc. reflected the following information for the year ended December 31.2016:

Required:
a. Assume that Cushing, Inc. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIR) 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 inventory items.

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Number Unit Total of Units Cost Cost 100 $26 S 2,600 Purchases: May 30. September 28 Goods available for sale.. Sales: April 10 June 11 November 1 160 30 4,800 6.400 513.800 32 200 460 (70) 150 190 50