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can I have answers for those questions please. thank you for your help Question 4 Novak Football Shop began operations on January 2, 2017. The
can I have answers for those questions please. thank you for your help
Question 4 Novak 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. 1/15 10624 Net 30 62 $26 $1,612 3/15 11437 1/5, net 30 77 21 1,617 6/20 21332 1/10, net 30 102 20 2,040 9/12 27644 1/10, net 30 96 16 1,536 11/24 31259 1/10, net 30 88 15 1,320 Totals 425 $8,125 A physical inventory on December 31, 2017, reveals that 119 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Novak Football Shop uses the invoice price less discount for recording purchases. Compute the December 31, 2017, Inventory using the FIFO method. (Round per unit and nal answer to 2 decimal paces, e.g. 35.57.) Ending Inventory using the FIFO method $ l ; LINK TO TEXT l Compute the 2017 cost of goods sold using the LIFO method. (Round per unit and nal answer to 2 decimal paces, e.g. 35.57.) Cost of Goods Sold using the LIFO method $ Compute the December 31, 2017, inventory using the FIFO method. (Round per unit and nal answer to 2 decimal paces, 9.9. 35.57.) Ending Inventory using the FIFO method $ ' l LINKTOTEXT l Compute the 2017 cost of goods sold using the LIFO method. (Round per unlt and nal answer to 2 declmal paces, e.g. 35.57.) Cost of Goods Sold using the LIFO method $l \"LINKTOTEXT' What method would you recommend to the owner to minimize income taxes in 2017, using the inventory information for footballs as a guide? _B Cllck If you would like to Show Work for this question: Open Show Work lLINKTOTEXTStep by Step Solution
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