Question
Compute cost of goods sold using LIFO method. Date 1/15 3/15 6/20 9/12 11/24 Voucher 10624 11437 21332 27644 31269 Totals Terms Net 30 1/5,
Compute cost of goods sold using LIFO method.
Date 1/15 3/15 6/20 9/12 11/24 Voucher 10624 11437 21332 27644 31269 Totals Terms Net 30 1/5, net 30 1/10, net 30 1/10, net 30 1/10, net 30 Units Received 75 90 115 109 101 490 Invoice Cost $32 25 24 19 17 Invoice Amount $2,400 2,250 2,760 2,071 1,717 $11,198 A physical inventory on December 31, 2025, reveals that 119 footballs were in stock. The bookkeeper informs you that all th discounts were taken. Assume that Novak Sports uses the invoice price less discount for recording purchases. Your answer is correct. Compute the December 31, 2025, inventory using the FIFO method. (Round per unit and final answer to 2 decimal pac 35.57.) Ending inventory using the FIFO method 2038.41
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