The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2016:

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 are different.

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Number of Units 150 70 (100) 90 140 (100) 50 (100) Unit Cost S60 Total Cost $ 9,000 4,620 Date Transaction 1/24 Purchase. 2/22 70 72 Purchase. 6,300 10,080 4/10 9/28 12/4 76 3,800 Sale