Swifty 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		Voucher		Terms		Units Received				Unit Invoice Cost		Gross Invoice Amount
1/15		10624		Net 30			53			$23			$1,219
3/15		11437		1/5, net 30			68			18			1,224
6/20		21332		1/10, net 30			93			17			1,581
9/12		27644		1/10, net 30			87			14			1,218
11/24		31269		1/10, net 30			79			13			1,027
		Totals					380						$6,269

A physical inventory on December 31, 2020, reveals that 110 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Swifty Football Shop 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

$

eTextbook and Media

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

$

eTextbook and Media

What method would you recommend to the owner to minimize income taxes in 2020, using the inventory information for footballs as a guide? FIFOLIFO