Tull Auto Parts, Inc., had the following transactions for 2013:

Required
a. Determine the quantity and dollar amount of inventory at the end of the year, assuming Tull Auto Parts Inc. uses the FIFO cost flow assumption and keeps perpetual records.
b. Write a memo explaining why Tull Auto Parts, Inc., would have difficulty applying the LIFO method on a perpetual basis. Include a discussion of how to overcome thesedifficulties.

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Date Transaction Description Jan. 1 Mar. 15 May 30 Aug. 10 Nov. 20 Beginning inventory Purchased Sold Purchased Sold 40 units @$22 150 units@$24 175 units @$48 320 units @ $26 300 units $50