Kaleo Golf Superstore carries an inventory of putters and other golf clubs. The sales price of each putter is $128. Company records indicate the following for a particular line of Kaleo Golf Superstore putters: 

Requirements 

1. Prepare a perpetual inventory record for the putters assuming Kaleo Golf Superstore uses the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. 

2. Journalize Kaleo Golf Superstore’s inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.)

Transcribed Image Text:

Date Nov. 1 6 8 17 30 Item Balance Sale Purchase Sale Sale Quantity 17 7 20 20 4 Unit Cost $68 $74