Nash Football Shop began operations on January 2, 2017. The following stock record card for footballs...

Nash 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.

Date	Voucher	Terms	Units Received		Unit Invoice Cost	Gross Invoice Amount
1/15	10624	Net 30		57	$24		$1,368
3/15	11437	1/5, net 30		72	20		1,440
6/20	21332	1/10, net 30		97	18		1,746
9/12	27644	1/10, net 30		91	15		1,365
11/24	31269	1/10, net 30		83	13		1,079
	Totals			400			$6,998

A physical inventory on December 31, 2017, reveals that 114 footballs were in stock. The bookkeeper informs you that all the discounts were taken. Assume that Nash Football Shop uses the invoice price less discount for recording purchases.

Compute the 2017 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

Expert Solution

ekkarill92 answered 2 years ago

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