Question

The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019 Unit Cost $33 33 Total Cost 4,950 2,319 Date 1/1 1/24 2/22 377 4/10 6/11 9/28 12/4 Transaction Beginning inventory Purchase Sale Purchase Purchase Sale Purchase Sale Number of Units 150 70 (100) 99 140 (109) 37 3.330 4,909 Se 37 1,850 (100) Required: .. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. L IFO FIFO 10.220 $ 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. < Prev 4 of 4 !!! Next to search о на ева 9

Answer 1

			Under perpetual inventory system(LIFO method)
	Receipt			Issue			Balance
	Qty	Rate	Amount	Qty	Rate	Amount	Qty	Rate	Amount
Opening							150	33	4950
Purchase	70	33	2310				150	33	4950
							70	33	2310
Sale				100	33	3300	120	33	3960
Purchase	90	37					120	33	3960
							90	37	3330
Purchase	140	35					120	33	3960
							90	37	3330
							140	35	4900
Sale				100	35	3500	120	33	3960
							90	37	3330
							40	35	1400
Purchase	50	37					120	33	3960
							90	37	3330
							40	35	1400
							50	37	1850
Sale				50	37	1850	120	33	3960
				40	35	1400	80	37	2960
				10	37	370
			Under perpetual inventory system(FIFO method)
	Receipt			Issue			Balance
	Qty	Rate	Amount	Qty	Rate	Amount	Qty	Rate	Amount
Opening	150	33	4950
Purchase	70	33	2310
							50	33	1650
Sale				100	33	3300	70	33	2310
Purchase	90	37	3330				90	37	3330
Purchase	140	35	4900				140	35	4900
Sale				100	33	3300	20	33	660
							90	37	3330
							140	35	4900
Purchase	50	37	1850				50	37	1850
Sale				20	33	660	10	37	370
				80	37	2960	140	35	4900
							50	37	1850
					Under periodic inventory system
						FIFO	LIFO
					Cost of goods sold	10220	10740
					Ending Inventory	7120	6600
					Under perpetual inventory system
						FIFO	LIFO
					Cost of goods sold	10220	10420
					Ending Inventory	7120	6920

Answer to C part is True