Coronado 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 Cost		Gross Invoice Amount
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		31269		1/10, net 30			88			15			1,320
		Totals					425						$8,125

A physical inventory on December 31, 2020, reveals that 119 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Coronado Football Shop uses the invoice price less discount for recording purchases.

Compute the December 31, 2020, inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.)

Ending Inventory using the FIFO method

$

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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 of Goods Sold using the LIFO method

$

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What method would you recommend to the owner to minimize income taxes in 2020, using the inventory information for footballs as a guide? FIFOLIFO

Coronado 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 Unit Invoice Cost $26 21 1/15 3/15 6/20 9/12 Voucher 10624 11437 21332 27644 31269 Terms Net 30 1/5, net 30 1/10, net 30 1/10, net 30 1/10, net 30 Units Received 62 77 102 96 88 425 Gross Invoice Amount $1,612 1,617 2,040 1,536 1,320 $8,125 20 16 11/24 15 Totals A physical inventory on December 31, 2020, reveals that 119 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Coronado Football Shop uses the invoice price less discount for recording purchases. Compute the December 31, 2020, inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.) Ending Inventory using the FIFO method $ e Textbook and Media 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 $ e Textbook and Media What method would you recommend to the owner to minimize income taxes in 2020, using the inventory information for footballs as a guide