Golfer's Delight, Inc, cares a line of titanium putters. Golfer's Delight Inc, uses the LIFO method and a perpetual inventory system. The sales price of each putter is $195 Company records indicate the following activity for putters for the month of July Click the icon to view the records.) Read the requirements Requirement 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 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. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand enter the oldest inventory layer first.) LIFO: Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Qty Cost Cost Qty Cost Cost Qty Cost Cost Jul Date 1 Orrec Data Table Date Item Quantity Unit Cost Jul 1 Balance 6 $ 110 7 Purchase 12 $ 112 11 Sale 17 19 Purchase 15 $ 114 28 Sale 12 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 Golfer's Delight, Inc., using the perpetual LIFO method. Assume all purchases and sales are on account Print Done