Homework i Saved Help Save & Exit Check m The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019 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 Unit Total of Units Cost Cost 159 $32 $4,880 70 32 2,240 (100) 90 353,150 140 375, 180 (109) 36 1,800 (180) 50 Required: a. Assume that Kuffel Co. 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 Homework o Help Save & Exit Suomi Check my work b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and UFO. FIFO LIFO Cost of goods sold Ending inventory cost of goods sold c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant O True False search