Chapter 6: Analyzing and Reporting Inventory and Cost of Goods Sold E6-1B. FIFO (Learning Objective 2) 10-15 min. Tee Time Inc. carries a line of monogrammed putters. Tee Time Inc. uses the FIFO method and a perpetua inventory system. The sale price of each putter is $170. Company records indicate the following activity for putters for the month of January: Requirements Date Item Quantity Unit Cost Jan 1 Balance 7 Purchase 11 11 Sale 19 Purchase 28 Sale 31238 $92 $96 $98 1. Prepare a perpetual inventory record for the putters to determine the amount Tee Time Inc. should report for ending inventory and cost of goods sold using the FIFO method. 2. Joumalize Tee Time Inc.'s inventory transactions using the FIFO method. Assume all purchases and sales are on account