Question

CALCULATOR FULL SCREEN PRINTER VERSION Blossom Football Shop began operations on January 2, 2017. The following stock record card for footballs was taken from the records at the end of the year. BACK Date Voucher Units Received Unit Invoice Cost Gross Invoice Amount 1/15 3/15 6/20 9/12 11/24 Terms Net 30 1/5, net 30 1/10, net 30 1/10, net 30 1/10, net 30 10624 11437 21332 27644 31269 Totals 108 $1,972 1.909 2,376 1,734 102 1.504 $9.495 A physical inventory on December 31, 2017, reveals that 112 footballs were in stock. The bookkeeper inform you that all the discounts were taken. Assume that Blossom Football Shop uses the invoice price less discount for recording purchases. Compute the December 31, 2017, inventory using the FIFO method. (Round per unit and final answer to 2 decimal paces... 35.57.) Ending Inventory using the FIFO method Compute the 2017 cost of goods sold using the LIFO method. (Round per unit and Malasier to 2 decimal Daces . . Cost of Goods Sold using the LIFO method

Answer 1

calculation of closing Inventory Closing Balance of inventory a 112 footballe. then value of closing Balance of Inventory Date Purchased Invoice Amor Discout ... 1/24 1504 Net value 1488.96 १५ (1504xil) z 15.04 9/12 (112-94) 18 x 17 302.84 =18 z306 (30661%) 23.06 1791.90 value of al stock (LIFO method) z Purchared-closing stock cost of Goods sold Total virs sold 455-112 = 343 Units vuits cost 16 94 1734 102 Dated 1/24 9112 6/20 3115 108 39 22 23 Inubice value Discoil Net value 1504 150441% =15.04 1488.96 1734*1%217,34 1716.66 2376 2376x1% = 23.76 2352.24 897 887*1%=8.97 888.03 cost of goods sold 6445.89 2019.11.25 16:49