Problem-5 FIFO and LIFO-Periodic Josh Beckett shop began operations on January 2, 2015. The following stock record card for baseballs was taken from the records at the end of the year. Units Unit Invoice Gross Invoice Date Terms Received Cost Amount 1/15 Net 30 50 16 $ 800 3/15 1/5, net 30 65 13 845 6/20 1/10, net 30 90 12 1,080 9/12 11/24 1/10, net 30 84 10 840 1/10, net 30 76 9 684 Totals 365 $4,249 A physical inventory on December 31, 2015, reveals that 110 baseballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Josh Beckett Shop uses the invoice price less discount for recording purchases. Instructions (a) Compute the December 31, 2015, inventory using the FIFO method. *(b) Compute the 2015 cost of goods sold using the LIFO method.