The inventory records of Kuffel Co. reflected the following information for the year ended December...
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Accounting
The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Total Unit Cost Cost Date 1/1 Transaction Beginning inventory Number of Units 150 70 $ 30 $ 4,500 1/24 Purchase 33 2,310 2/22 Sale (100) - 3/7 Purchase 90 40 3,600 4/10 Purchase 140 36 5,040 6/11 Sale (100) 9/28 Purchase 50 39 1,950 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. FIFO LIFO Cost of goods sold Ending inventory b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. FIFO LIFO Cost of goods sold Ending inventory
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