The inventory records of Kuffel Company reflected the following information for the year ended December 31, 2022: Number of Unit Units Cost 150 70 (100) 90 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale 140 (100) 50 (100) $ 28 33 0 39 35 0 39 0 Total Cost $ 4,200 2,310 0 3,510 4,900 0 1,950 0 Required: a. Assume that Kuffel Company uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b. Assume that Kuffel Company uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant.

The inventory records of Kuffel Company reflected the following information for the year ended December 31, 2022: Number of Unit Units Cost 150 70 (100) 90 Date 1/1 1/24 2/22 3/7 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale 140 (100) 50 (100) $ 28 33 0 39 35 0 39 0 Total Cost $ 4,200 2,310 0 3,510 4,900 0 1,950 0 Required: a. Assume that Kuffel Company uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b. Assume that Kuffel Company uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. c. LIFO results are different for parts a and b as timing of the application of LIFO rules is relevant.

Name: The inventory records of Kuffel Company reflected the following infor
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Description: The inventory records of Kuffel Company reflected the following information for the year ended December 31, 2022:Number ofUnits15070Date1/11/242/223/74/106/119/2812/4TransactionBeginning inventoryPurchase.SalePurchasePurchaseSale!PurchaseSale(100)90

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Haradev
Subject: accounting
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