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 10624 3/15 11437 6/20 21332 9/12 Voucher 11/24 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 20 19 15 14 Gross Invoice Amount $1,450 1,460. 1,862 1.380 1.176 $7,328 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.
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 10624 3/15 11437 6/20 21332 9/12 Voucher 11/24 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 20 19 15 14 Gross Invoice Amount $1,450 1,460. 1,862 1.380 1.176 $7,328 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Compute the December 31, 2025, 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
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
3/15
Voucher
10624
11/24
11437
6/20 21332
9/12 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
20
19
15
14
Gross
Invoice
Amount
$1,450
1,460.
1,862
1,380
1.176
$7,328
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.
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