Tamarisk 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 Units Received Unit Invoice Cost Gross Invoice Amount 1/15 10624 Net 30 66 $28 $1,848 3/15 11437 1/5, net 30 81 22 1,782 6/20 21332 1/10, net 30 106 21 2,226 9/12 27644 1/10, net 30 100 17 1,700 11/24 31269 1/10, net 30 92 15 1,380 Totals 445 $8,936 A physical inventory on December 31, 2020, reveals that 110 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Tamarisk Football Shop uses the invoice price less discount for recording purchases. Compute the December 31, 2020, inventory using the FIFO method. Ending Inventory using the FIFO method LIFO
Tamarisk 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 Units Received Unit Invoice Cost Gross Invoice Amount 1/15 10624 Net 30 66 $28 $1,848 3/15 11437 1/5, net 30 81 22 1,782 6/20 21332 1/10, net 30 106 21 2,226 9/12 27644 1/10, net 30 100 17 1,700 11/24 31269 1/10, net 30 92 15 1,380 Totals 445 $8,936 A physical inventory on December 31, 2020, reveals that 110 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Tamarisk Football Shop uses the invoice price less discount for recording purchases. Compute the December 31, 2020, inventory using the FIFO method. Ending Inventory using the FIFO method LIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Tamarisk 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
|
Units
Received |
Unit Invoice
Cost |
Gross Invoice
Amount |
|||||||||
| 1/15 | 10624 | Net 30 | 66 | $28 | $1,848 | |||||||||
| 3/15 | 11437 | 1/5, net 30 | 81 | 22 | 1,782 | |||||||||
| 6/20 | 21332 | 1/10, net 30 | 106 | 21 | 2,226 | |||||||||
| 9/12 | 27644 | 1/10, net 30 | 100 | 17 | 1,700 | |||||||||
| 11/24 | 31269 | 1/10, net 30 | 92 | 15 | 1,380 | |||||||||
| Totals | 445 | $8,936 |
A physical inventory on December 31, 2020, reveals that 110 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Tamarisk Football Shop uses the invoice price less discount for recording purchases.
Compute the December 31, 2020, inventory using the FIFO method.
| Ending Inventory using the FIFO method |
LIFO
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