Oriole Football Shop began operations on January 2, 2017. Thefollowing stock record card for footballs was taken from therecords at the end of the year.
|3/15||11437||1/5, net 30||70||19||1,330|
|6/20||21332||1/10, net 30||95||18||1,710|
|9/12||27644||1/10, net 30||89||14||1,246|
|11/24||31269||1/10, net 30||81||13||1,053|
A physical inventory on December 31, 2017, reveals that 112footballs were in stock. The bookkeeper informs you that all thediscounts were taken. Assume that Oriole Football Shop uses theinvoice price less discount for recording purchases.
Compute the December 31, 2017, inventory using the FIFOmethod.
Compute the 2017 cost of goods sold using the LIFO method.
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