Question

1. Prepare Golf Haven’s perpetual inventory record for the putters assuming Golf Haven uses the LIFO inventory costing method. Then identify the cost of ­ending inventory and cost of goods sold for the month.
2. Journalize Golf Haven’s inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.) Golf Haven carries an inventory of putters and other golf clubs. The sales price of each putter is $ 128. Company records indicate the following for a particular line of Golf Haven’sputters:


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  • CreatedJanuary 16, 2015
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