Question: a.) What is the ending inventory using the FIFO method? b.) What is the ending inventory using the LIFO method? c.) What method should we

a.) What is the ending inventory using the FIFO method? b.)

a.) What is the ending inventory using the FIFO method? b.) What is the ending inventory using the LIFO method? c.) What method should we choose to minimize income taxes in 2020?

Vaughn Sports began operations on January 2, 2020. The following stock record card for footballs was taken from the record end of the year. Date Voucher Units Received Terms Unit Invoice Cost Gross fnvoice Amount 1/15 10624 Net 30 65 $28 $1,820 3/15 11437 1/5, net 30 80 22. 1,760 6/20 21332 1/10. net 30 105 21 2,205 9/12 27644 1/10, net 30 99 17 1,683 11/24 31269 1/10. net 30 91 15 1.365 Totals all 440 $8.833 A physical inventory on December 31, 2020, reveals that 122 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Vaughn Football Shop uses the invoice price less discount for recording purchases

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