Use the following informaation to anrer Exeraises E&-16 throngh E6-18 Golf Unlimited carries an inventory of putterrs and other golf clubs. The sales pce of cach putrer is $119. Company records indicate the following for a particular o E6-19 Ce pr Golf Unlimited's putters: Ass foll Unit Cost Quantity Item Date $ 53 24 Balance Nov. 1 20 Sale 6 70 30 Purchase 8 30 Sale 17 2 Sale 30 goods E6-16 Measuring and journalizing merchandise inventory and cost of : sold-FIFO Requirements 1. Prepare a perpetual inventory record for the putters assuming Golf Unlimited the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. 2. Journalize Golf Unlimited's inventory transactions using the FIFO inventory c ing method. (Assume purchases and sales are made on account.) ses . E6-17 Measuring ending inventory and cost of goods sold in a perpetual inventory system-LIFO Requirements 1. Prepare Golf Unlimited's perpetual inventory record for the putters assuming Golf Unlimited uses the LIFO inventory costing method. Then identify the cose of ending inventory and cost of goods sold for the month. 2. Journalize Golf Unlimiteds inventory transactions using the LIFO inventory cos ing method. (Assume purchases and sales are made on account.) 6-18 Measuring ending inventory and cost of goods sold in a perpetual inventory system-Weighted-average Requirements 1. Prepare Golf Unlimited's perpetual inventory record for the putters assuming Golf Unlimited uses the weighted-average inventory costing method. Round weighted- average cost per unit to the nearest cent and all other amounts to the nearest dollar Then identify the cost of ending inventory and cost of goods sold for the month 2. Journalize Golf Unlimited's inventory transactions using the weighted-average inventory costing method. (Assume purchases and sales are made on account.) E6-19 Comparing amounts for cost of goods sold, ending invensory, and gross profit-FIF0 and LIPO Men Assume that Toys Galore store bough and sold a line of dolls during December an follows: Lea i Dec. 1 Beginning merchandise inventory a Endng Mech B Sale 13 units S 9each 14 Purchase S units $ 22 each 21 Sale 16 units S 14 each Requirements 14 units 5 22 each 1. Compute the cost of goods sold, ost of ending merchandise inventory, and grons profit using the FIFO inventory costing method 2. Compute the cost of goods sold, cost of ending merchandisc inventory, and gross profit using the LIFO inventory costing method. Which method results in a higher cost of goods sold? 4. Which method results in a higher cost of ending merchandise inventory? 5. Which method results in a higher gross profit? E6-20 Comparing cost of goods sold and grOss profit-FIFO, LIFO, and Lear weighted-average methods Assume that AB Tire Store completed the following perpetual inventory transactions for a line of tires: 1.0 May 1 Beginning merchandise inventory 16 tires @$ 65 each 11 Purchase 10 tires S 78 each 12 tires $ 88 each 23 Sale 14 tires e$ 80 each 26 Purchase 18 tires @ $ 88 each 29 Sale 1. Compute cost of goods sold and gross profit using the FIFO inventory costing method. Requirements 2. Compute cost of goods sold and gross profit using the LIFO inventory costing method. Compute cost of goods sold and gross profit using the weighted-average inver costing method. (Round weighted-average cost per unit to the nearest cent an other amounts to the nearest dollar. 3. 4. Which method results in the largest gross profit, and why