Units Invoice Invoice Date Voucher Terms Received Cost Amount 1/15 10624 Net 30 3/15 11437 1/5, net 30 75 90 $32 $2,400 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 th discounts were taken. Assume that Novak Sports uses the invoice price less discount for recording purchases.

Units Invoice Invoice Date Voucher Terms Received Cost Amount 1/15 10624 Net 30 3/15 11437 1/5, net 30 75 90 $32 $2,400 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 th discounts were taken. Assume that Novak Sports uses the invoice price less discount for recording purchases.

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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