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Jane's Sports Shop became a fine of kankam paters Jameson Sports Shop, we the LIFO method and a perpetua inventory writem. The sales price of each patter is 175. Company records indicate the following tv for pers for the month of July Click the on to view the records Foad the 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, caldating new Inventory on hand balances aher each ansaction. Once all of the action have been entered into the Potal record calculate the quantity and total cost of Inventory purchased, cold and on hand at the end of the perioder cost of goods sold into the best you under UFO conting first Formatory on hand, the ostintory wyer) LFO: Purchases Cost of goods sold Inventory on hand Un Total Unik Total Unit To Date Oy Cost Cost GY Cost Cost 1 7 GY Cost 10 15 all 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 Jameson's Sports Shop, Inc., using the perpetual LIFO method. Assume all purchases and sales are on account Print Done ameson's Sports Shop, Inc., uses the LIFO method and a perpetual inventory system. The sales price of e utters on the r the month. ansactions i ry purchase Data Table ansaction. Once first layer out u Invent Date Item Quantity Unit Cost Jul 10 102 1 Balance 7 Purchase GA GA Qty 18 104 11 Sale 22 19 Purchase $ 106 16 15 28 Sale Print Done