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Tom Brady Shop began operations on 2nd January, 2012. The subsequent stock record card for footballs was taken from the records at the end of year. Date Voucher Terms Units Received Unit Invoice Cost Gross Invoice Amount 1/15 10624 Net 30 50 $27.00 $1,350 3/15 11437 1/5, net 30 65 23.00 1,495 6/20 21332 1/10, net 30 90 22.00 1,980 9/12 27644 1/10, net 30 84 19.00 1,596 11/24 31269 1/10, net 30 76 18.00 1,368 Total 365 $7,789 A physical inventory on 31st December, 2012, reveals that 100 footballs were in stock. The bookkeeper informs you that all discounts were taken. Suppose that Tom Brady Shop uses invoice price less discount for recording purchases. (a) Evaluate the 31st December, 2012, inventory using FIFO method. (b) Evaluate the 2012 cost of goods sold using the LIFO method. (c) Find what method would you recommend to owner to minimize income taxes in 2012, using inventory information for footballs as a guide?
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Is there a way to get a reference to go by to know how to answer the ratio questions off of the assignment of the jcpennys and kohls 10K? Understand the formulas just not the jargon that is on the 10K to compare with my text.
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