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Le Company began its October 2020 with 10 units of merchandise inventory that cost $100 each. During October 2020, the Company made the following
Le Company began its October 2020 with 10 units of merchandise inventory that cost $100 each. During October 2020, the Company made the following purchases: Oct. 3 20 units @ $100 each Oct. 12 40 units @ $105 each Oct. 18 30 units @ $110 each The firm uses the periodic inventory system, and the physical count at 10/31/2020 indicates that 20 units of merchandise inventory are on hand. Questions: Compute COGS and ending inventory at 10/31/2020 for the Company, assuming the firm uses: a) LIFO method for inventory b) FIFO method for inventory Show your calculation!
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