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Same exercise but by using the average cost method 1)1 pd...

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Accounting

image Same exercise but by using the average cost method
1)1 pd Use the following information to answer Exercises Eb-16 through E6-18 Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of cach putter is $119. Company records indicate the following for a particular line of Date Item Quantity Unit Cost Nov. 1 $ 53 20 Purchase 17 30 30 Sale Learning 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 uses 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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