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Compute the 2020 cost of goods sold using the LIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.) Cost
Compute the 2020 cost of goods sold using the LIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.) Cost of Goods Sold using the LIFO method 6592.41 Concord Sports began operations on January 2, 2020. 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 Gross Invoice Cost Amount 1/15 10624 Net 30 55 $24 $1,320 3/15 11437 1/5, net 30 70 19 1,330 6/20 21332 1/10, net 30 95 18 1,710 9/12 27644 1/10, net 30 89 69 14 1.246 11/24 31269 1/10, net 30 81 33 13 1,053 Totals 390 $6,659 A physical inventory on December 31, 2020, reveals that 112 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Concord Football Shop uses the invoice price less discount for recording purchases.
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