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Exercise 8-17 (Part Level Submission) Oriole Football Shop began operations on January 2, 2017. The following stock record card for footballs was taken from the
Exercise 8-17 (Part Level Submission) Oriole 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 Units Received Unit Invoice Cost Gross Invoice Amount Date Voucher Terms 1/15 10624 Net 30 3/15 11437 1/5, net 30 6/20 21332 1/10, net 30 9/12 276441/10, net 30 54 69 94 $23 19 17 14 13 $1,242 1,311 1,598 1,232 1,040 $6,423 11/24 31269 1/10, net 30 80 Totals 385 A physical inventory on December 31, 2017, reveals that 111 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Oriole Football Shop uses the involce price less discount for recording purchases (b) Your answer is incorrect. Try agair Compute the 2017 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 2314.17
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