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Somebody help me with this. I keep getting stuck on it. Answer all of the questions, please. Thank you. Riley's Sporting Goods, Inc., carries a
Somebody help me with this. I keep getting stuck on it. Answer all of the questions, please. Thank you.
Riley's Sporting Goods, Inc., carries a line of titanium putters. Riley's Sporting Goods, Inc., uses the average cost method and a perpetual inventory system. The sales price of each putter is $166. Company records indicate the following activity for putters for the month of July: (Click the icon to view the records.) Requirement 1. Prepare a perpetual inventory record for the putters on the average cost basis to determine the cost of ending inventory and cost of goods sold for the month. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. 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. (Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.) Avg Cost: Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost 10 $ 94.00 $ 940 Jul 1 7 Data table Date Item Quantity Unit Cost Jul 1 Balance 10 $ 94 7 Purchase 11 $ 95 11 Sale 14 19 Purchase 14 $ 97 28 Sale 9 Requirements 1. Prepare a perpetual inventory record for the putters on the average cost basis to determine the cost of ending inventory and cost of goods sold for the month. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. 2. Journalize the inventory transactions for Riley's Sporting Goods, Inc., using the perpetual average cost method. Assume all purchases and sales are on accountStep by Step Solution
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