Concord 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 1/15 3/15 6/20 9/12 11/24 Voucher 10624 11437 21332 27644 31269 Totals Terms Net 30 1/5, net 30 1/10, net 30 1/10, net 30 1/10, net 30 Units Received 55 70 95 89 81 390 Unit Invoice Cost $24 19 18 14 13 Gross Invoice Amount $1,320 1,330 1,710 1.246 1,053 $6,659 A physical inventory on December 31, 2020, reveals that 112 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Concord Football Shop uses the invoice price less discount for recording purchases.
Concord 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 1/15 3/15 6/20 9/12 11/24 Voucher 10624 11437 21332 27644 31269 Totals Terms Net 30 1/5, net 30 1/10, net 30 1/10, net 30 1/10, net 30 Units Received 55 70 95 89 81 390 Unit Invoice Cost $24 19 18 14 13 Gross Invoice Amount $1,320 1,330 1,710 1.246 1,053 $6,659 A physical inventory on December 31, 2020, reveals that 112 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Concord Football Shop uses the invoice price less discount for recording purchases.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text: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
4
6592.41
Transcribed Image Text:Concord 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
1/15
3/15
6/20
9/12
11/24
Voucher
10624
11437
21332
27644
31269
Totals
Terms
Net 30
1/5, net 30
1/10, net 30
1/10, net 30
1/10, net 30
Units
Received
55
70
95
89
81
390
Unit Invoice
Cost
$24
19
18
14
13
Gross Invoice
Amount
$1,320
1,330
1,710
1,246
1,053
$6,659
A physical inventory on December 31, 2020, reveals that 112 footballs were in stock. The bookkeeper informs you that all the
discounts were taken. Assume that Concord Football Shop uses the invoice price less discount for recording purchases.
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