Whispering 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 61 $26 $1,586 3/15 11437 1/5, net 30 76 21 1,596 6/20 21332 1/10, net 30 101 20 2,020 9/12 27644 1/10, net 30 95 16 1,520 11/24 31269 1/10, net 30 87 14 1,218 Totals 420 $7,940 A physical inventory on December 31, 2020, reveals that 118 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Whispering Football Shop uses the invoice price less discount for recording purchases. (a) Correct answer icon Your answer is correct. 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 $ Attempts: 8 of 9 used (b) 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 $
Whispering 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 61 $26 $1,586 3/15 11437 1/5, net 30 76 21 1,596 6/20 21332 1/10, net 30 101 20 2,020 9/12 27644 1/10, net 30 95 16 1,520 11/24 31269 1/10, net 30 87 14 1,218 Totals 420 $7,940 A physical inventory on December 31, 2020, reveals that 118 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Whispering Football Shop uses the invoice price less discount for recording purchases. (a) Correct answer icon Your answer is correct. 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 $ Attempts: 8 of 9 used (b) 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 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Whispering 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.
A physical inventory on December 31, 2020, reveals that 118 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Whispering Football Shop uses the invoice price less discount for recording purchases.
|
Date
|
Voucher
|
Terms
|
Units
Received |
Unit Invoice
Cost |
Gross Invoice
Amount |
|||||||||
| 1/15 | 10624 | Net 30 | 61 | $26 | $1,586 | |||||||||
| 3/15 | 11437 | 1/5, net 30 | 76 | 21 | 1,596 | |||||||||
| 6/20 | 21332 | 1/10, net 30 | 101 | 20 | 2,020 | |||||||||
| 9/12 | 27644 | 1/10, net 30 | 95 | 16 | 1,520 | |||||||||
| 11/24 | 31269 | 1/10, net 30 | 87 | 14 | 1,218 | |||||||||
| Totals | 420 | $7,940 |
A physical inventory on December 31, 2020, reveals that 118 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Whispering Football Shop uses the invoice price less discount for recording purchases.
(a)
Correct answer icon
Your answer is correct.
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 |
$
|
Attempts: 8 of 9 used
(b)
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 |
$
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education