Tee Time, Inc., carries a line of monogrammed putters. Tee Time uses the FIFO method and a perpetual inventory system. The sales price of each putter is $170. Company records indicate the following activity for putters for the month of January:

Requirements
1. Prepare a perpetual inventory record for the putters to determine the amount Tee Time, Inc., should report for ending inventory and cost of goods sold using the FIFO method.
2. Journalize Tee Time, Inc.’s inventory transactions using the FIFO method. Assume all purchases and sales are on account?

Transcribed Image Text:

Unit Cost Item Date Jan 1 Balance 7 Purchase 11 Sale 19 Purchase 28 Sale Quantity 3 11 12 13 $92 $98