omework Saved Help Save & Exit Su Check my w The inventory records of Cushing Inc. reflected the following information for the year ended December 31, 2019: Number of Units 200 Unit Cost $ 12.5 Total Cost 2,500 $ 320 400 920 15.5 17.0 4,960 6,800 $ 14,260 Inventory, January 1 Purchases: May 30 September 28 Goods available for sale Sales: April 10 June 11 November 1 Inventory, December 31 (140) (300) (380) 100 Required: a. Assume that Cushing, Inc., uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO L IFO Cost of goods sold Ending inventory Check my we b. Assume that Cushing, Inc., uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO L IFO Cost of goods sold Ending inventory c. Is there a change in cost of goods sold and ending inventory in parts a and b under LIFO. Yes NO d. The results from the LIFO periodic calculations in part a cannot possibly represent the actual physical flow of inventory items. True