Business, 12.04.2021 21:30 lamashermosa23
Johnny Football Shop began operations on January 2, 2017. The following stock record card for footballs was taken from the records at the end of the year.
Date Voucher Terms Units Received Unit Invoice Cost Gross Invoice Amount
15-Jan 10624 Net 30 50 $20 $1,000
15-Mar 11437 1/5, net 30 65 16 1,040
20-Jun 21332 1/10, net 30 90 15 1,350
12-Sep 27644 1/10, net 30 84 12 1,008
24-Nov 31269 1/10, net 30 76 11 836
Totals 365 $5,234
A physical inventory on December 31, 2017, reveals that 100 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Johnny Football Shop uses the invoice price less discount for recording purchases.
Required:
a. Compute the December 31, 2017, inventory using the FIFO method.
b. Compute the 2017 cost of goods sold using the LIFO method.
Answers: 3
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Johnny Football Shop began operations on January 2, 2017. The following stock record card for footba...
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