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The inventory records of Cushing Inc. reflected the following information for the year ended December 31,...

The inventory records of Cushing Inc. reflected the following information for the year ended December 31, 2019:

Number
of Units		 Unit
Cost		 Total
Cost
Inventory, January 1 210 $ 12.5 $ 2,625
Purchases:
May 30 320 14.5 4,640
September 28 400 16.5 6,600
Goods available for sale 930 $ 13,865
Sales:
April 10 (140 )
June 11 (300 )
November 1 (380 )
Inventory, December 31 110


Required:
a. Assume that Cushing, Inc., 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 Cushing, Inc., 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

Solutions

Expert Solution

ekkarill92 answered 2 years ago
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