Gary Gor Show, camios a lot of stanium putere Garys Golf Shop, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each pater 5788 Company records indicate the following activity for putters for the month of July m Click the con to view the records Requirement 1. Prepare a perpetuo inventory record for the putters on the LIFO as to determine the cost of unding inventory and cont of goods sold for the month Start by entering the beginning inventory balances Enter the transactions in Chronological order, calculating new inventory on hand balance eachtraction Onio w of the transactions have been reed to the perpetual record, calculate the quality and total cost of inventory purchased, old, and in hand at the end of the period force of goods soldateret layer out under contra Formenteryon handle the oldest vventory layer first) LIFO Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost 0505010 720 503 51.000 050 S810 205035 1.800 11 2 180 1860 $90 $30 1813 20 Requirements 1. Prepare a perpetual inventory record for the putters on the LIFO basis to determine the cost of ending inventory and cost of goods sold for the month. 2. Journalize the inventory transactions for Gary's Golf Shop, Inc., using the perpetual LIFO method. Assume all purchases and sales are on account Print Done Data Table Date Item Quantity Unit Cost Jul 1 Balance 9 $ 90 7 Purchase 20 $ 93 11 Sale 22 19 Purchase 17 $ 97 28 Sale 10 Print Done