The inventory records of Kuffel Co. reflected the following information for the

Question

The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2013:

   

Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO

FIFO LIFO

COGS   

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

COGS

Ending Inventory

The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2013:

Explanation / Answer

Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO

Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO.

Date Transaction     Number Cost    of Units   1/1   Beginning inventory 150 25 3,750   2/22   Purchase 70 32 2,240   3/7   Sale 100   4/15   Purchase 90 37 3,330   6/11   Purchase 140 39 5,460   9/28   Sale 100   10/13   Purchase 50 36 1,800

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