Question 12 of 12
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1/15 10624 Net 30 67 $28 $1.876
3/15 11437 1/5, net 30 82 23 1,886
6/20 21332 1/10, net 30 107 21 2,247
9/12 27644 1/10, net 30 101 17 1,717
11/24 31269 1/10, net 30 93 16 1,488
Totals 450 $9.214
3.33/10
A physical inventory on December 31, 2020, reveals that 111 footballs were in stock. The bookkeeper informs you that all the
discounts were taken. Assume that Sheffield Football Shop uses the invoice price less discount for recording purchases
(a)
Your answer is correct.
Compute the December 31, 2020, inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces, eg. 35.57)
Ending Inventory using the FIFO method
1776.06
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(b)
Compute the 2020 cost of goods sold using the LIFO method. (Round per unit and final answer to 2 decimal paces, eg. 35.57)
Cost of Goods Sold using the LIFO method
$
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