Brady Sports began operations on January 2, 2025. 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 50 $20 $1,000 3/15 11437 1/5, net 30 65 16 1,040 6/20 21332 1/10, net 30 90 15 1,350 9/12 27644 1/10, net 30 84 12 1,008 11/24 31269 1/10, net 30 76 11 836 Totals 365 $5,234 A physical inventory on December 31, 2025, reveals that 100 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Brady Sports uses the invoice price less discount for recording purchases,

Brady Sports began operations on January 2, 2025. 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 50 $20 $1,000 3/15 11437 1/5, net 30 65 16 1,040 6/20 21332 1/10, net 30 90 15 1,350 9/12 27644 1/10, net 30 84 12 1,008 11/24 31269 1/10, net 30 76 11 836 Totals 365 $5,234 A physical inventory on December 31, 2025, reveals that 100 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Brady Sports uses the invoice price less discount for recording purchases,

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter13: Corporations: Organization, Stock Transactions, And Dividends

Section: Chapter Questions

Problem 22E

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Tamarisk 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 UnitsReceived Unit InvoiceCost Gross InvoiceAmount 1/15 10624 Net 30 66 $28 $1,848 3/15 11437 1/5, net 30 81 22 1,782 6/20 21332 1/10, net 30 106 21 2,226 9/12 27644 1/10, net 30 100 17 1,700 11/24 31269 1/10, net 30 92 15 1,380 Totals 445 $8,936 A physical inventory on December 31, 2020, reveals that 110 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Tamarisk Football Shop uses the invoice price less discount for recording purchases. Compute the December 31, 2020, inventory using the FIFO method. Ending Inventory using the FIFO method LIFO
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