Oriole 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 1/15 10624 Net 30 3/15 11437 1/5, net 30 1/10, net 30 6/20 21332 9/12 27644 11/24 31269 1/10, net 30 1/10, net 30 Totals Units Received 70 85 110 104 96 465 Unit Invoice Cost $30 24 22 18 16 Gross Invoice Amount Ending Inventory using the FIFO method $ $2,100 2,040 2,420 1,872 1,536 $9,968 A physical inventory on December 31, 2020, reveals that 114 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Oriole Football Shop uses the invoice price less discount for recording purchases. Compute the December 31, 2020, inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.)
Oriole 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 1/15 10624 Net 30 3/15 11437 1/5, net 30 1/10, net 30 6/20 21332 9/12 27644 11/24 31269 1/10, net 30 1/10, net 30 Totals Units Received 70 85 110 104 96 465 Unit Invoice Cost $30 24 22 18 16 Gross Invoice Amount Ending Inventory using the FIFO method $ $2,100 2,040 2,420 1,872 1,536 $9,968 A physical inventory on December 31, 2020, reveals that 114 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Oriole Football Shop uses the invoice price less discount for recording purchases. Compute the December 31, 2020, inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Oriole 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
1/15 10624 Net 30
3/15 11437
1/5, net 30
6/20 21332 1/10, net 30
9/12 27644 1/10, net 30
11/24 31269
1/10, net 30
Totals
Units
Received
70
85
110
104
96
465
Unit Invoice
Cost
$30
24
22
18
16
Gross
Invoice
Amount
Ending Inventory using the FIFO method $
$2,100
2,040
2,420
1,872
1,536
$9,968
A physical inventory on December 31, 2020, reveals that 114 footballs were in stock. The bookkeeper informs you that all the discounts
were taken. Assume that Oriole Football Shop uses the invoice price less discount for recording purchases.
Compute the December 31, 2020, inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.)
Transcribed Image Text: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 $
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 $
What method would you recommend to the owner to minimize income taxes in 2020, using the inventory information for footballs as a
guide?
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