Question
Measuring ending inventory and cost of goods sold in a perpetual inventory system ---LIFO Requirements Prepare Golf Havens perpetual inventory record for the putters assuming
Measuring ending inventory and cost of goods sold in a perpetual inventory system ---LIFO
Requirements
Prepare Golf Havens perpetual inventory record for the putters assuming Golf Haven uses the LIFO inventory costing method. Then identify the cost of goods sold for the month.
Journalize Golf Havens inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.)
Golf Haven carries an inventory of putters and other golf clubs. The sales price of each putter is $128. Company records indicates the following for a particular line of Golf Havens putters:
| Date | Item | Quantity | Unit cost |
| Nov 1 | Balance | 17 | $68 |
| Nov 6 | Sale | 7 |
|
| Nov 8 | Purchase | 20 | $74 |
| Nov 17 | Sale | 20 |
|
| Nov 30 | Sale | 4 |
|
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