The inventory records of Cushing Incorporated reflected the following information for the year ended December :
Required:
a Assume that Cushing, Incorporated, uses a periodic inventory system. Calculate cost of goods sold and ending inventory under
FIFO and LIFO.
b Assume that Cushing, Incorporated, uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under
FIFO and LIFO.
c Is there a change in cost of goods sold and ending inventory in parts a and under LIFO.
d The results from the LIFO periodic calculations in part a cannot possibly represent the actual physical flow of inventory items.
Complete this question by entering your answers in the tabs below.
a Assume that Cushing, Incorporated, uses a periodic inventory system. Calculate cost of goods sold and ending inventory
under FIFO and LIFO.
b Assume that Cushing, Incorporated, uses a perpetual inventory system. Calculate cost of goods sold and ending inventory
under FIFO and LIFO.
