E8-17 (L03) (FIFO and LIFO-Periodic) Johnny 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 vear. Units Received DateVoucher 1/15 3/15 6/20 9/12 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 50 65 90 84 76 365 Unit Invoice Cost $20 16 15 12 Gross Invoice Amount $1,000 1,040 1,350 1,008 11/24 836 $5,234 A physical inventory on December 31, 2017, reveals that 100 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Johnny Football Shop uses the invoice price less discount for recording purchases. Instructions (a) Compute the December 31, 2017, inventory using the FIFO method. (b) Compute the 2017 cost of goods sold using the LIFO method. (c) What method would you recommend to the owner to minimize income taxes in 2017, using the inventory information for footballs as a guide