Financial Accounting: P5-27 The inventory records of Kuffel Co. reflected

Financial Accounting 
P5-27 Cost-flow assumptions - FIFO and LIFO using periodic and perpetual systems 
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2013: 
Date Transaction Number of Units Unit Cost Total Cost 
  1/1   Beginning inventory 150 30 4,500 
  2/22   Purchase 70 33 2,310 
  3/7   Sale (100)   - - 
  4/15   Purchase 90 35 3,150 
  6/11   Purchase 140 36 5,040 
  9/28   Sale (100)   - - 
  10/13   Purchase 50 38 1,900 
  12/4   Sale (100)   - - 

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.
Powered by