Windsor Sports began operations on January 2, 2025. The following stock record card for footballs was taken from the records at the end of the year. Date 1/15 3/15 6/20 9/12 11/24 Voucher (a) 10624 11437 21332 27644 31269 Totals Terms Net 30 1/5, net 30 1/10, net 30 1/10, net 30 1/10, net 30 Units Received 58 73 98 92 84 405 Unit Invoice Cost $25 Ending inventory using the FIFO method $ 20 19 15 14 Gross Invoice Amount $1,450 1,460 1,862 1,380 1,176 A physical inventory on December 31, 2025, reveals that 115 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Windsor Sports uses the invoice price less discount for recording purchases. $7,328 Compute the December 31, 2025, inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.)
Windsor Sports began operations on January 2, 2025. The following stock record card for footballs was taken from the records at the end of the year. Date 1/15 3/15 6/20 9/12 11/24 Voucher (a) 10624 11437 21332 27644 31269 Totals Terms Net 30 1/5, net 30 1/10, net 30 1/10, net 30 1/10, net 30 Units Received 58 73 98 92 84 405 Unit Invoice Cost $25 Ending inventory using the FIFO method $ 20 19 15 14 Gross Invoice Amount $1,450 1,460 1,862 1,380 1,176 A physical inventory on December 31, 2025, reveals that 115 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Windsor Sports uses the invoice price less discount for recording purchases. $7,328 Compute the December 31, 2025, inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Windsor
Sports began operations on January 2, 2025. The following stock record card for footballs was taken from the records at the
end of the year.
Date
1/15
11/24
Voucher
3/15
6/20 21332
9/12
10624
(a)
11437
27644
31269
Totals
Terms
Net 30
1/5, net 30
1/10, net 30
1/10, net 30
1/10, net 30
Units
Received
58
73
98
92
84
405
Unit Invoice
Cost
Ending inventory using the FIFO method $
LA
$25
20
19
15
14
Gross Invoice
Amount
$1,450
1,460
1,862
1,380
A physical inventory on December 31, 2025, reveals that 115 footballs were in stock. The bookkeeper informs you that all the
discounts were taken. Assume that Windsor Sports uses the invoice price less discount for recording purchases.
1,176
$7,328
Compute the December 31, 2025, inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces, e.g. 35.57.)
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