Keefer Inc began business on January 1 2013 Information on
Keefer, Inc., began business on January 1, 2013. Information on its inventory purchases and sales during 2013 and 2014 follow:




Required:
1. Calculate ending inventory, cost of goods sold, and gross margin for 2013 and 2014 under the periodic FIFO inventory valuation method.
2. Calculate ending inventory, cost of goods sold, and gross margin for 2013 and 2014 under the periodic LIFO inventory valuation method.
3. Discuss the difference in reported results under FIFO versus LIFO for eachyear.
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