Question

The inventory records of Kuffel Co. reflected the following information for the year ended December 31, 2019: Unit Cost Total Cost $ 4,500 2,450 $ 30 35 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 Number of Units 150 70 (100) 90 140 (100) 50 (100) 36 37 3,240 5,180 39 1,950 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

Solve Part a and b please

Answer 1

Required a * FIFO coas = cost of purchases cost of Jooks Ending inventory 1320 7490 - 9830 closing inventory = (50x$39) + (140x$ 37)+ (10x836) 7490 Note: Cost of purchases = (150 x $ 30) + Cox $35) + (90x836)+ (140X $ 37) + (50 x $39) 4500 + 2450 + 3240+5 180 + 1950 17320 cost of Ending inventoy = (Sox $39) +(140x $37) + (10x $36) - 7490

* LIfo COGS = cost of purchases - cost of Ending inventory 17320 - 6250 11070 Ending inventory - (150 x 830) + (50 x 435) 4500+1250 6250 Note: cost of purchases = (180x430) + (Hox$35) + (90x436) + (140* $37) +(50x$39) uso0+2450+ 3240 +5180+ 1950 17320 cost of Ending (150 x 830) + (50 x $35) inventory = 4500 + 1750 = 6250

FIFO CIFO Cost of goods 9830 11070 Sold 7490 6250 Erding inventory

Required b * FIFO COGS = (100x430) + (50 x $30 + 50 x $35) + (200 $35 + 80 x $36) 3000 + 3250 + 3580 9830 Erding Jovenboy = (10 x $36) + (140* $37) +(50x 839) 360+ sigot 1950 - 7490 * LIFO cogs - ( 7ox $357 30x$30] +100x$37) + (50x439 + 40x$ 37 + 10X$36) 3350 + 3700 + 3790 10840 Ending inventory 80 x $36 + 120 * $ 30 6480

FIFO (IFO cost of goods sold 9830 10840 Ending inventory 7490 Guso