er 6 Use the following information to answer Exercises E6-16 through E6-18 Golf

Question

er 6 Use the following information to answer Exercises E6-16 through E6-18 Golf Unlimited carries an inventory of putters and other golf clubs. The sales of each putter is $119. Company records indicate the following for a particular line Golf Unlimited's putters: Unit Cost $ 53 Quantity 24 20 30 30 Date Item Balance Sale Purchase Sale Sale Nov. 1 70 17 30 ng Objective 2 E6-16 Measuring and journalizing merchandise inventory and cost of goods sold-FIFO 1. COGS $3,232 Requirements 1. Prepare a perpetual inventory record for the putters assuming Golf Unlimited ue 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 cost ing method. (Assume purchases and sales are made on account.)

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Cost of goods available for sale Cost of goods sold Inventory balance No of Units Cost per unit Inventory Value No of Units Cost per unit Cost of goods sold Unit ending inventory Cost per unit Ending inventory Nov-01 24 53 1272 Nov-06 20 53 1060 4 53 212 Nov-08 30 70 2100 4 53 212 30 70 2100 Nov-17 4 53 212 26 70 1820 4 70 280 Nov-30 2 70 140 2 70 140 Cost of goods sold and available 30 2100 52 3232 Cost of goods sold and inventory 2 140 Date Account Debit Credit Nov 6 Account Receivable 2380 Sale 2380 (20*119 per unit price) Cost of goods sold 1060 Inventory 1060 (From table above) Nov 8 Inventory 2100 Accounts Payable 2100 (From table above) Nov 17 Account Receivable 3570 Sale 3570 (30*119 per unit price) Cost of goods sold 2032 Inventory 2032 (From table above (212+1820) Nov 30 Account Receivable 238 Sale 238 (2*119 per unit price) Cost of goods sold 140 Inventory 140 (From table above (212+1820)

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