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Splish Football Shop began operations on January 2, 2017. The following stock record card for footballs was taken from the records at the end of
Splish 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 Gross Invoice Amount Unit Invoice Cost $23 Date 1/15 3/15 6/20 $1,242 1,311 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 1,598 1,232 9/12 11/24 1,040 Totals 385 $6,423 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 Splish Football Shop uses the invoice price less discount for recording purchases. Compute the December 31, 2017, Inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.) Ending Inventory using the FIFO methods 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 methods
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