Units Invoice Date Voucher Terms Received Cost Invoice Amount 1/15 10624 Net 30 75 $32 $2,400 3/15 11437 1/5, net 30 90 25 2,250 6/20 21332 1/10, net 30 115 24 2,760 9/12 27644 1/10, net 30 109 19 2,071 11/24 31269 1/10, net 30 101 17 1,717 Totals 490 $11,198 A physical inventory on December 31, 2025, reveals that 119 footballs were in stock. The bookkeeper informs you that all t discounts were taken. Assume that Novak Sports uses the invoice price less discount for recording purchases. (a) Your answer is correct. Compute the December 31, 2025, inventory using the FIFO method. (Round per unit and final answer to 2 decimal po 35.57.)

Units Invoice Date Voucher Terms Received Cost Invoice Amount 1/15 10624 Net 30 75 $32 $2,400 3/15 11437 1/5, net 30 90 25 2,250 6/20 21332 1/10, net 30 115 24 2,760 9/12 27644 1/10, net 30 109 19 2,071 11/24 31269 1/10, net 30 101 17 1,717 Totals 490 $11,198 A physical inventory on December 31, 2025, reveals that 119 footballs were in stock. The bookkeeper informs you that all t discounts were taken. Assume that Novak Sports uses the invoice price less discount for recording purchases. (a) Your answer is correct. Compute the December 31, 2025, inventory using the FIFO method. (Round per unit and final answer to 2 decimal po 35.57.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Units Unit Price Total Cost October 1, 20-1 Beginning inventory 400 $19.50 $7,800 October 18 1st purchase 490 20.00 9,800 November 25 2nd purchase 220 21.00 4,620 January 12, 20-2 3rd purchase 340 22.50 7,650 March 17 4th purchase 890 24.00 21,360 June 2 5th purchase 850 24.50 20,825 August 21 6th purchase 200 25.50 5,100 September 27 7th purchase 670 26.50 17,755 4,060 $94,910 Use the following information for the specific identification method. There are 1,300 units of inventory on hand on September 30, 20-2. Of these 1,300 units: 100 are from October 18, 20-1 1st purchase 200 are from January 12, 20-2 3rd purchase 100 are from March 17 4th purchase 400 are from June 2 5th purchase 200 are from August 21 6th purchase 300 are from September 27 7th purchase Required: Calculate the total amount to be assigned to cost of goods sold for the fiscal year ended September 30, 20-2, and ending inventory on September 30, 20-2, under each of the following periodic inventory methods. Cost of…
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