The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2010:

Required:
a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.
c. Explain why the FIFO results for cost of goods sold and ending inventory are the same in your answers to parts a and b, but the LIFO results aredifferent.

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Number of Units 150 Unit Cost Total Cost $4,500 2,310 Date Transaction Beginning inventory. urchase 2/22 (100) Purchase 6 4/15 140 5,040 (100) 9/28 10/13 12/4 Sae.... 1,900 Sale. (100)