Question 1 - Inventory Example + cation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.bc3.edu%252Fwebapps%252Fpor le Saved Help Sa The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019 Unit Cost $ 26 35 Total Cost $ 3,900 2,450 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale Number of Units 150 70 (100) 90 140 (100) 50 (100) 3,330 4,900 37 35 - 37 1,850 - Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. LIFO Cost of goods sold Ending inventory 11,630 $ $ FIFO 10,000 $ 7930 $ 6,300 Prey 1 of 1 Scoue.answer > 1 search %252Fwebapps%252Fporta e A Saved Help Save C b. Assume that Kuffel Co. 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 c. LIFO results are different for parts a and bas timing of the application of LIFO rules is relevant True O False Prey 1 of 1 it! Score.answer > A la search O