Question

Can someone help me with part B?

The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Number of Units 150 Unit Cost $ 33 34 Total Cost $ 4,950 2,380 70 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 39 36 3,510 5,040 (100) 90 140 (100) 50 (100) 37 1,850 Required: a. Assume that Kuffel Co. uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. Answer is complete and correct. Cost of goods sold Ending inventory $ $ FIFO 10,450 7,280 $ $ LIFO 11,080 6,650 b. Assume that Kuffel Co. uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. Answer is not complete. LIFO FIFO 10,450 $ Cost of goods sold Ending inventory 7,080

Answer 1

FIFO Puantity Cost Peul Total cost Quantity cost Rex Total cost Quantity cost per Total Costa Purchases b) Aws) Assume Inventory sold and ending LIFO that Kuffel.com uses on Perpetual Cost of Goods. ending Inventory Calculate Pnventory under FIFO and Inventory on Cost of Goods sold Perpetual hand Unit Unit Unit Beginning Inverb 150_$33$4,950 1/24 70 $34 $2380 150 $33 $4,950 70 $34 2,380 2/22 100 $33 $3,30050 $ 33 $1,650 70 $ 34 2,380 317 90 $39 $3,510 50 $33 $ 1,650 70 $34 2,380 go $39 3,510 4/10 140 $361 $ 5,040 50 $33$1,650 70 $34 | $2,380 go $ 39 $3,510 140 $36 $5,040 611 50 $ 33 $1,650 20 $34 $ 680 50 $34 $1,700 90 $39 3,510 140 $36 5,040

9128 50___$31$1,850 ২০ $345.680 go $39_3,510 | 140 $36 5,040 50 $37| 1,8.50 1214 20_.__$34_$_6801_10 $39 $_390 80_$39 3,120 140 $36. 5,040 50 [$37 1.850 Totals 35o. $12.780 300 $10,450 200 $7,280 Purchases cost of Goods sold Inventory on hand Perpetual LIFO tremely cost pery Total Preartily Cost Per Total Cost Chantilly Cost Per Total cost Unit cost Unit Unit 150 $ 33 $4,950 Inventory 1/24 70 $34 $2,380 150 $33 $ 4,950 70 $ 34 2,380 Beginning 22/22 30 $34_$2,380 120 $33 $3,960 30 $33 ggo 317 go $39 $3,510 120 $33 $3,960 go $39 $ 3,510

4/10 140 $36 $5,040 120 $33. $3,960_ 901 $39_3,510_5 140 $365,040 6/11 100 $36. $3,600 120 $33_$3,960 90$ 39 3,510 40 $361 1,440 9/28 50 $37 $1,850 120 $33$3.960- 90 $39 3,510 40 $36 1, 440 50 $37 1,85015 1214 50 $37 $ 1,850 120 $33 $3,960 - 40 $36 1,440 80 $39 3.120 10 $39 390 Total 350 $12,780300 $0,650 200 $7,080 FIFO LIFO Hence, Perpetual Inventory System Cost of Goods sold Am Ending Inventory 1$ 10,450 $ 10,650 $ 7,280 $ 7,080

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