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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-Jan
Beginning inventory
$150
$30
$4,500
24-Jan
Purchase
70
33
2,310
22-Feb
Sale
-100
-
7-Mar
$90
35
3,150
10-Apr
140
36
5,040
11-Jun
28-Sep
50
38
1,900
4-Dec
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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