Waterway 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 Gross Invoice Cost Amount 1/15 10624 Net 30 69 $29 $2,001 3/15 11437 1/5, net 30 84 23 1,932 6/20 21332 1/10, net 30 109 22 2,398 9/12 27644 1/10, net 30 103 18 1,854 11/24 31269 1/10, net 30 95 16 1,520 Totals 460 $9,705 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 Waterway Football Shop uses the invoice price less discount for recording purchases. * 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 $ 1664 eTextbook and Media * 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 eTextbook and Media * Your answer is incorrect. $ What method would you recommend to the owner to minimize income taxes in 2020, using the inventory information for footballs as a guide