Purchases Cost of Goods Sold Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Nov. 1 10 $64 $ 640 Nov. 6 5 $ 64 S 320 5 $ 64 $ 320 Nov. 8 15 $ 72 $ 1,080 5 $ 64 $ 320 15 $ 72 $ 1,080 Nov. 17 5 $ 64 $ 320 5 $ 72 $ 360 10 72 720 Nov. 30 Totals 15 3 $ 72 $ 216 2 $ 72 $ 144 $ 1.080 $ 1,576 $ 144 23 Identify the cost of ending inventory for the month. Identify the cost of ending inventory for the month The cost of ending inventory using the FIFO method is $144 Identify the cost of goods sold for the month. The cost of goods sold using the FIFO method is $ 1,576 Requirement 2. Journalize Golf Haven'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 Nov. 6 Accounts Receivable. Sales Revenue To record sale on account. Now record the cost of the putters sold on the 6th Date Debit Credit 640 Accounts and Explanation Debit Credit 640 Now record the cost of the putters sold on the 6th. Date Accounts and Explanation Debit Credit Nov. 6 Cost of Goods Sold 320 Merchandise Inventory 320 To record the cost of goods sold. Journalize the purchase of the putters on account on the 8th. Date Accounts and Explanation Debit Credit Nov. 8 Merchandise Inventory 1,080 Accounts Payable 1,080 To record purchase of merchandise inventory on account. Journalize the sale of the putters on account on the 17th. Journalize the sale of the putters on account on the 17th. Date Accounts and Explanation Debit Credit Nov. 17 Accounts Receivable 1,920 Sales Revenue 1,920 To record sale on account. Journalize the cost of the putters sold on the 17th. Date Accounts and Explanation Debit Credit Nov, 17 Cost of Goods Sold 1,040 Merchandise Inventory 1,040 To record the cost of goods sold. Journalize the sale of the putters on account on the 30th. Journalize the sale of the putters on account on the 30th. Date Accounts and Explanation Debit Credit Nov. 30 Accounts Receivable 384 Sales Revenue 384 To record sale on account. Journalize the cost of the putters sold on the 30th. Date Accounts and Explanation Debit Credit Nov. 30 Cost of Goods Sold 216 Merchandise Inventory 216 To record the cost of goods sold. rements. Data table . Prepare a perpetu g the beginning inve Date to the perpetual rec Item Quantity Unit Cost Jun. 1 Balance Purchases Jun. 6 Sale Unit Jun. 8 Purchase Quantity Cost Jun. 17 Sale 1022 15 $ 75 Jun. 30 Sale 3 20. Get more help- dma Print Done - X the following for a particula costing method. Then identify the cost of ventory on hand balances after each transa nd at the end of the period. (Enter the oldes otal 80 ost Clear all me icon to view the records.) quirements. ent 1. Prepa th. tering the be ed into the p Requirements 1. Prepare a perpetual inventory record for the putters assuming Golf Haven uses the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. Journalize Golf Haven's inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.) Xhod. Then identify the cost of and balances after each transa d of the period. (Enter the oldes 2. Quantity 1 mple Get more help- Print Done re-Horizo.dmg A VMware-Horizo....dmg < QuickStart Guide....pdf < nobles finmgr6.pdf Clear a Golf Haven carries an inventory of putters and other golf clubs. The sales price of each putter is $128. Company records indicate the following for a particular line of Golf Haven's putters: (Click the icon to view the records.) Read the fequirements Requirement 1. Prepare a perpetual inventory record for the putters assuming Golf Haven 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 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.) Cost of Goods Sold Purchases Inventory on Hand Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Jun. 1