Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Skysong Sports began operations on January 2, 2020. The following stock record card for footballs was taken from the records at the end of
Skysong 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. Gross Units Unit Invoice Invoice Date Voucher Terms Received Cost Amount 1/15 10624 Net 30 56 $24 $1,344 3/15 11437 1/5, net 30 71 19 1,349 6/20 21332 1/10, net 30 96 18 1,728 9/12 27644 1/10, net 30 90 14 1,260 11/24 31269 1/10, net 30 82 13 1.066 Totals 395 $6,747 A physical inventory on December 31, 2020, reveals that 113 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Skysong Football Shop uses the invoice price less discount for recording purchases. X Your answer is incorrect. Compute the December 31, 2020, inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.) Ending Inventory using the FIFO method 2$ 1469 * Your answer is incorrect. 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 5247 %24
Step by Step Solution
★★★★★
3.44 Rating (163 Votes )
There are 3 Steps involved in it
Step: 1
FIFO Beginning Inventory Purchases Cost of Goods Sold Ending Inventory Cost Cost per Total C...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started