Problem 5-34 (Static) Cost flow assumptions-FIFO and LIFO using periodic and perpetual systems LO 7,8 The inventory records of Cushing Inc. reflected the following information for the year ended December 31, 2019: Number of Units 400 Unit Cost $ 13 Total Cost $ 5,200 Inventory, January 1 Purchases: May 30 September 28 Goods available for sale Sales: April 10 June 11 November 1 Inventory, December 31 640 800 1,840 15 16 9,600 12,800 $ 27,600 (280) (600) (760) 200 Required: a. Assume that Cushing, Inc., uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory b. Assume that Cushing, Inc., uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory