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Please help! Bonita Sports began operations on January 2, 2020. The following stock record card for footballs was taken from the records at the end
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Bonita 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 1/15 3/15 6/20 9/12 11/24 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 59 74 99 Unit Invoice Cost $25 20 19 Gross Invoice Amount $1,475 1,480 1,881 1,395 1,190 $7,421 93 15 85 14 Totals 410 A physical inventory on December 31, 2020, reveals that 116 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Bo 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 $ 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 $ What method would you recommend to the owner to minimize income taxes in 2020, using the inventory information for footballs as a guideStep by Step Solution
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