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 $

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter16: Retained Earnings And Earnings Per Share

Section: Chapter Questions

Problem 9P

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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

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