Given the below information, what are the values for COGS and ending inventory for each costing method below?
|
|
Number of Units
|
Price per Unit
|
|
Beginning inventory
|
10
|
2
|
|
Purchases
|
20
|
3
|
|
Sales
|
15
|
|
|
Ending inventory
|
15
|
|
|
|
Goods Available for
Sale
|
COGS
|
Ending Inventory
|
|
FIFO
|
20 + 60 = 80
|
|
|
|
LIFO
|
20 + 60 = 80
|
|
|