Brady Sports began operations on January 2, 2025. The following stock record card for footballs was taken from the records at the end of the year. Units Unit Invoice Gross Invoice Date Voucher Terms Received Cost Amount 1/15 10624 Net 30 50 $20 $1,000 3/15 11437 1/5, net 30 65 16 1,040 6/20 21332 1/10, net 30 90 15 1,350 9/12 27644 1/10, net 30 84 12 1,008 11/24 31269 1/10, net 30 76 11 836 Totals 365 $5,234 A physical inventory on December 31, 2025, reveals that 100 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Brady Sports uses the invoice price less discount for recording purchases,
Brady Sports began operations on January 2, 2025. The following stock record card for footballs was taken from the records at the end of the year. Units Unit Invoice Gross Invoice Date Voucher Terms Received Cost Amount 1/15 10624 Net 30 50 $20 $1,000 3/15 11437 1/5, net 30 65 16 1,040 6/20 21332 1/10, net 30 90 15 1,350 9/12 27644 1/10, net 30 84 12 1,008 11/24 31269 1/10, net 30 76 11 836 Totals 365 $5,234 A physical inventory on December 31, 2025, reveals that 100 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Brady Sports uses the invoice price less discount for recording purchases,
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Compute the 2025 cost of goods sold using the LIFO method.
Transcribed Image Text:Bredy Sports began operations on January 2, 2025. The following stock record card for footballs was taken from the records at the
end of the year.
Units
Unit Invoice
Gross Invoice
Date
Voucher
Terms
Received
Cost
Amount
1/15
10624
Net 30
50
$20
$1,000
3/15
11437
1/5, net 30
65
16
1,040
6/20
.21332
1/10, net 30
90
15
1,350
9/12
27644
* 1/10, net 30
84
12
1,008
11/24
31269
1/10, net 30
76
11
836
Totals
365
$5,234
A physical inventory on December 31, 2025, reveals that 100 footballs were in stock. The bookkeeper informs you that all the
discounts were taken. Assume that Brady Sports uses the invoice price less discount for recording purchases.
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