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Please solve all the requirments! thank you. Riley's Sporting Goods, Inc., carries a line of titanium putters. Riley's Sporting Goods, Inc., uses the LIFO method
Please solve all the requirments! thank you.
Riley's Sporting Goods, Inc., carries a line of titanium putters. Riley's Sporting Goods, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each putter is $188. 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 Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Jul - X Data table Date Item Quantity Unit Cost Jul 1 Balance 7 $ 95 7 Purchase 8 $ 98 11 Sale 11 19 Purchase 14 $ 103 28 Sale 13 Print Done - X 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 Riley's Sporting Goods, Inc., using the perpetual LIFO method. Assume all purchases and sales are on account. Print DoneStep by Step Solution
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