Golfer's Favorite carries an inventory of putters and other golf clube. The sales price of each putter is $128. Company records indicate the following for a particular line of Golfer's Favorite's putters: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the putters assuming Golfer's Favorite 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 orcier, 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 Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jun 1 Jun 6 Jun. 8 Jun. 17 MI Jun. 30 Totals Identify the cost of ending inventory for the month. The cost of ending inventory using the FIFO method is Identify the cost of goods sold for the month. The cost of goods sold using the FIFO method is Requirement 2. Journalize Golfer's Favorite's inventory transactions using the FIFO 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 Jun. 6 Now record the cost of the putters sold on the 6th. Date Accounts and Explanation Debit Credit Jun. 6 Journalize the purchase of the putters on account on the 8th. Date Accounts and Explanation Debit Credit Jun. 8 Journalize the sale of the putters on account on the 17th. Date Accounts and Explanation Debit Credit Jun. 17 Journalize the cost of the putters sold on the 17th. Date Accounts and Explanation Debit Credit Jun. 17 Journalize the sale of the putters on account on the 30th. Date Accounts and Explanation Debit Credit Jun. 30 Journalize the cost of the putters sold on the 30th. Date Accounts and Explanation Debit Credit Jun. 30 Golfer's Favorite carries an inventory of putters and other golf clube. The sales price of each putter is $128. Company records indicate the following for a particular line of Golfer's Favorite's putters: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the putters assuming Golfer's Favorite 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 orcier, 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 Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jun 1 Jun 6 Jun. 8 Jun. 17 MI Jun. 30 Totals Identify the cost of ending inventory for the month. The cost of ending inventory using the FIFO method is Identify the cost of goods sold for the month. The cost of goods sold using the FIFO method is Requirement 2. Journalize Golfer's Favorite's inventory transactions using the FIFO 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 Jun. 6 Now record the cost of the putters sold on the 6th. Date Accounts and Explanation Debit Credit Jun. 6 Journalize the purchase of the putters on account on the 8th. Date Accounts and Explanation Debit Credit Jun. 8 Journalize the sale of the putters on account on the 17th. Date Accounts and Explanation Debit Credit Jun. 17 Journalize the cost of the putters sold on the 17th. Date Accounts and Explanation Debit Credit Jun. 17 Journalize the sale of the putters on account on the 30th. Date Accounts and Explanation Debit Credit Jun. 30 Journalize the cost of the putters sold on the 30th. Date Accounts and Explanation Debit Credit Jun. 30
