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Date Item Quantity Unit Cost Apr. 1 Balance 19 $80 Apr. 6 Sale 14 Apr. 8 Purchase 50 91 Apr. 17 Sale 50 Apr. 30
Date | Item | Quantity | Unit Cost |
---|---|---|---|
Apr. 1 | Balance | 19 | $80 |
Apr. 6 | Sale | 14 |
|
Apr. 8 | Purchase | 50 | 91 |
Apr. 17 | Sale | 50 |
|
Apr. 30 | Sale | 3 |
|
1. | Prepare Putter's Paradise's perpetual inventory record for the putters assuming Putter's Paradise uses the LIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. |
2. | Journalize Putter's Paradise's inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.) |
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