Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each putter is $119. Company records indicate the following for a particular line of Golf Unlimited's putters: (Click the icon to view the records.) Requirement 1. Prepare a perpetual inventory record for the putters assuming Golf Unlimited uses the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Unit Total Unit Total Inventory on Hand Unit Total Date Nov. 1 Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost 24 $ 53 $ 1,272 Nov. 6 20 $ 53 $1,060 4 $ 53 $ 212 Nov. 8 30 $ 70 $2,100 4 $ 53 $ 212 30 $ 70 $ 2,100 Nov. 17 4 EA 53 $ 212 4 $ 70 $ 280 26 26 70 1,820 Nov. 30 Totals 2 $ 70 $ 140 2 $ 70 $ 140 69 $ 2,100 30 62 $ 3,232 52 Date Item Quantity Unit Cost Nov. 1 Balance 24 $ 53 Nov. 6 Sale 20 Nov. 8 Purchase 30 70 Nov. 17 Sale 30 Nov. 30 Sale 2 Requirements 1. 2. Prepare a perpetual inventory record for the putters assuming Golf Unlimited uses the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. Journalize Golf Unlimited's inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.) |