Golfer's Favorite carries an inventory of putters and other golf clubs. The sales price of each putter is $143. Company records indicate the following for a particular

line of Golfer's Favorite's putters:

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brite and co ory b ns ha he ol Data table Date Tot Co y for the month. Nov. 1 Nov. 6 Nov. 8 Nov. 17 Nov. 30 Item Balance Sale Purchase Sale Sale Print Quantity Unit Cost 17 $ 68 20 74 20 4 Done X Requirement 1. Prepare Golfer's Favorite's perpetual inventory record for the putters assuming Golfer's Favorite uses the LIFO 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.) All Purchases Cost of Goods Sold Inventory on Hand Total Total Unit Total Unit Cost Date Quantity Cost Cost Quantity Cost Cost Nov. 1 Nov. 6 Que Nov, 8 08/2 11:5 Nov. 17 08/2 Nov. 30 11:5 Totals 08/2 Identify the cost of ending inventory for the month. 11:5 The cost of ending inventory using the LIFO method is 08/7 11:5 Identify the cost of goods sold for the month. The cost of goods sold using the LIFO method is 08/2 11:5 Requirement 2. Journalize Golfer's Favorite's inventory transactions using the LIFO inventory casting method. (Assume purchases and sales are made on account) (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) 08/2 Begin by recording the entry to record the sale of the putters on account on the 6th. 11:5 Accounts and Explanation Debit Date Credit Nov. 6 08/2 11:5 ner Unit Quantity Cost Requirement 2. Journalize Golfer's Favorite's inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.) (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the entry to record the sale of the putters on account on the 6th. Date Accounts and Explanation Debit Credit Nov. 6 Now record the cost of the putters sold on the 6th. Date Debit Credit AIL Que 08/1 11:5 08/2 11:5 08/ 11:5 08/2 11:5 08/2 11:5 08/2 11:5 08/2 11:5 Accounts and Explanation Journalize the purchase of the putters on account on the 8th. Date Accounts and Explanation Journalize the sale of the putters on account on the 17th. Nov. 6 Nov. 8 Debit Credit Golfer's Favorite carries an inventory of putters and other golf clubs. The sales price of each putter is $143. Company records indicate the following for a particula CKIES Journalize the sale of the putters on account on the 17th. Date Accounts and Explanation Debit Credit Nov. 17 Journalize the cost of the putters sold on the 17th. Date Accounts and Explanation Debit Credit Nov. 17 Journalize the sale of the putters on account on the 30th. Date Debit Credit Nov. 30 Journalize the cost of the putters sold on the 30th. Debit Credit Date 3/1 1:5 B/2 1:5 8/1 1:5 08/2 11:5 08/2 11:5 08/2 11:5 08/1 Accounts and Explanation Accounts and Explanation Next +5 3/2 1:5 3/2 1:5 8/2 1:5 Journalize the cost of the putters sold on the 30th. Date Nov. 30 Accounts and Explanation Debit Credit Next