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) Incorrect answer icon Your answer is incorrect. 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 $
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) Incorrect answer icon Your answer is incorrect. 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 $
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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)
Incorrect answer icon
Your answer is incorrect.
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 |
$
|
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