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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. Date Voucher Terms Units Received Unit

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.

Date

 

Voucher

 

Terms

 

Units
Received

 

Unit Invoice
Cost

 

Gross Invoice
Amount

1/15   10624   Net 30     55     $24     $1,320  
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  
    Totals         390           $6,659  


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.

 

May 27 2021 View more View Less

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