The inventory records of Cushing Incorporated reflected the following information for the year ended December...
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The inventory records of Cushing Incorporated reflected the following information for the year ended December : Required: a Assume that Cushing, Incorporated, uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b Assume that Cushing, Incorporated, uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. c Is there a change in cost of goods sold and ending inventory in parts a and under LIFO. d The results from the LIFO periodic calculations in part a cannot possibly represent the actual physical flow of inventory items. Complete this question by entering your answers in the tabs below. a Assume that Cushing, Incorporated, uses a periodic inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. b Assume that Cushing, Incorporated, uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under FIFO and LIFO. 
The inventory records of Cushing Incorporated reflected the following information for the year ended December :
Required:
a Assume that Cushing, Incorporated, uses a periodic inventory system. Calculate cost of goods sold and ending inventory under
FIFO and LIFO.
b Assume that Cushing, Incorporated, uses a perpetual inventory system. Calculate cost of goods sold and ending inventory under
FIFO and LIFO.
c Is there a change in cost of goods sold and ending inventory in parts a and under LIFO.
d The results from the LIFO periodic calculations in part a cannot possibly represent the actual physical flow of inventory items.
Complete this question by entering your answers in the tabs below.
a Assume that Cushing, Incorporated, uses a periodic inventory system. Calculate cost of goods sold and ending inventory
under FIFO and LIFO.
b Assume that Cushing, Incorporated, uses a perpetual inventory system. Calculate cost of goods sold and ending inventory
under FIFO and LIFO.
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