Marigold Sports began operations on January 2, 2020. The following stock record card for footballs was...

Transcribed Image Text:

Marigold 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. Units Unit Invoice Gross Invoice Date Voucher Terms Received Cost Amount 1/15 10624 Net 30 54 $23 $1,242 3/15 11437 1/5, net 30 69 19 1,311 6/20 21332 1/10, net 30 94 17 1,598 9/12 27644 1/10, net 30 88 14 1,232 11/24 31269 1/10, net 30 80 13 1,040 Totals 385 $6,423 A physical inventory on December 31, 2020, reveals that 111 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Marigold Football Shop uses the invoice price less discount for recording purchases. 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 $ Marigold 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. Units Unit Invoice Gross Invoice Date Voucher Terms Received Cost Amount 1/15 10624 Net 30 54 $23 $1,242 3/15 11437 1/5, net 30 69 19 1,311 6/20 21332 1/10, net 30 94 17 1,598 9/12 27644 1/10, net 30 88 14 1,232 11/24 31269 1/10, net 30 80 13 1,040 Totals 385 $6,423 A physical inventory on December 31, 2020, reveals that 111 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Marigold Football Shop uses the invoice price less discount for recording purchases. 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 $

Answer rating: 100% (QA)

1 Cost of Goods Available for sale Discounted Unit Pric... View the full answer