Blossom Sports began operations on January 2, 2020. The following stock record card for footballs was...
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Blossom 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. Unit Invoice Gross Invoice Units Received Date Voucher Terms Cost Amount 1/15 10624 Net 30 73 $31 $2,263 3/15 11437 1/5, net 30 88 25 2,200 6/20 21332 1/10, net 30 113 23 2,599 9/12 27644 1/10, net 30 107 18 1,926 11/24 31269 1/10, net 30 99 17 1,683 Totals 480 $10,671 A physical inventory on December 31, 2020, reveals that 117 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Blossom Football Shop uses the invoice price less discount for recording purchases. * Your answer is incorrect. 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 $ 2007 eTextbook and Media * Your answer is incorrect. 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 $ Blossom 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. Unit Invoice Gross Invoice Units Received Date Voucher Terms Cost Amount 1/15 10624 Net 30 73 $31 $2,263 3/15 11437 1/5, net 30 88 25 2,200 6/20 21332 1/10, net 30 113 23 2,599 9/12 27644 1/10, net 30 107 18 1,926 11/24 31269 1/10, net 30 99 17 1,683 Totals 480 $10,671 A physical inventory on December 31, 2020, reveals that 117 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Blossom Football Shop uses the invoice price less discount for recording purchases. * Your answer is incorrect. 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 $ 2007 eTextbook and Media * Your answer is incorrect. 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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Answer rating: 100% (QA)
110 net 30 term means if the payment is made within 10 days the payer will get dicount of 1 otherwis... View the full answer
Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
Posted Date:
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