Gary's Golf Shop, Inc., carries a line of titanium putters. Gary's Golf Shop, Inc., uses the...

 
 
   

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Gary's Golf Shop, Inc., carries a line of titanium putters. Gary's Golf Shop, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each putter is $190. Company records indicate the following activity for putters for the month of July: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the putters on the LIFO basis to determine the cost of ending inventory and cost of goods sold for the month. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first.) LIFO: Inventory on hand Total Cost Jul Date 1 7 11 19 28 Purchases Cost of goods sold Unit Total Unit Total Qty Cost Cost Qty Cost Cost Unit Qty Cost Choose from any list or enter any number in the input fields and then continue to the next Data Table Date Jul Item 1 Balance 7 Purchase 11 Sale 19 Purchase 28 Salo Print Quantity Unit Cost 9 10 16 13 10 Done $ $ $ 95 96 99 Gary's Golf Shop, Inc., carries a line of titanium putters. Gary's Golf Shop, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each putter is $190. Company records indicate the following activity for putters for the month of July: (Click the icon to view the records.) Read the requirements. Total Requirement 2. Journalize the inventory transactions for Gary's Golf Shop, Inc., using the perpetual LIFO method. Assume all purchases and sales are on account. (Record debits first, then credits. Exclude explanations from any journal entries.) July 7: Purchased 10 putters for $96 per putter. انال Date 7 Journal Entry Accounts Date Debit July 11: Sold 16 putters. Begin by journalizing the revenue from the sale of putters on account. (Do not journalize the cost related to the sale yet. We will do this in the next journal entry.) Journal Entry Credit Debit Accounts Choose from any list or enter any number in the input fields and then continue to the next question. Credit Gary's Golf Shop, Inc., carries a line of titanium putters. Gary's Golf Shop, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each putter is $190. Company records indicate the following activity for putters for the month of July: (Click the icon to view the records.) Read the requirements. July 11: Sold 16 putters. Now journalize the cost of the putters sold. Jul Date Jul 11 July 19: Purchased 13 putters for $99 per putter. Date Journal Entry Accounts 19 Journal Entry Accounts Debit Debit Credit Credit Choose from any list or enter any number in the innut fields and then continue to the next question Gary's Golf Shop, Inc., carries a line of titanium putters. Gary's Golf Shop, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each putter is $190. Company records indicate the following activity for putters for the month of July. (Click the icon to view the records.) Read the requirements July 28: Sold 10 putters. Begin by journalizing the revenue from the sale of putters on account. (Do not journalize the cost related to the sale yet. We will do this in the next journal entry.) Jul Date انال 28 July 28: Sold 10 putters. Now journalize the cost of the putters sold. Date Journal Entry Accounts 28 Journal Entry Accounts Debit Debit Credit Credit Choose from any list or enter any number in the input fields and then continue to the next question. emp 10 2 of 2 of 1 of 2 of 2 of EUS Gary's Golf Shop, Inc., carries a line of titanium putters. Gary's Golf Shop, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each putter is $190. Company records indicate the following activity for putters for the month of July: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the putters on the LIFO basis to determine the cost of ending inventory and cost of goods sold for the month. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (For cost of goods sold, enter the first layer out under LIFO costing first. For inventory on hand, enter the oldest inventory layer first.) LIFO: Inventory on hand Total Cost Jul Date 1 7 11 19 28 Purchases Cost of goods sold Unit Total Unit Total Qty Cost Cost Qty Cost Cost Unit Qty Cost Choose from any list or enter any number in the input fields and then continue to the next Data Table Date Jul Item 1 Balance 7 Purchase 11 Sale 19 Purchase 28 Salo Print Quantity Unit Cost 9 10 16 13 10 Done $ $ $ 95 96 99 Gary's Golf Shop, Inc., carries a line of titanium putters. Gary's Golf Shop, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each putter is $190. Company records indicate the following activity for putters for the month of July: (Click the icon to view the records.) Read the requirements. Total Requirement 2. Journalize the inventory transactions for Gary's Golf Shop, Inc., using the perpetual LIFO method. Assume all purchases and sales are on account. (Record debits first, then credits. Exclude explanations from any journal entries.) July 7: Purchased 10 putters for $96 per putter. انال Date 7 Journal Entry Accounts Date Debit July 11: Sold 16 putters. Begin by journalizing the revenue from the sale of putters on account. (Do not journalize the cost related to the sale yet. We will do this in the next journal entry.) Journal Entry Credit Debit Accounts Choose from any list or enter any number in the input fields and then continue to the next question. Credit Gary's Golf Shop, Inc., carries a line of titanium putters. Gary's Golf Shop, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each putter is $190. Company records indicate the following activity for putters for the month of July: (Click the icon to view the records.) Read the requirements. July 11: Sold 16 putters. Now journalize the cost of the putters sold. Jul Date Jul 11 July 19: Purchased 13 putters for $99 per putter. Date Journal Entry Accounts 19 Journal Entry Accounts Debit Debit Credit Credit Choose from any list or enter any number in the innut fields and then continue to the next question Gary's Golf Shop, Inc., carries a line of titanium putters. Gary's Golf Shop, Inc., uses the LIFO method and a perpetual inventory system. The sales price of each putter is $190. Company records indicate the following activity for putters for the month of July. (Click the icon to view the records.) Read the requirements July 28: Sold 10 putters. Begin by journalizing the revenue from the sale of putters on account. (Do not journalize the cost related to the sale yet. We will do this in the next journal entry.) Jul Date انال 28 July 28: Sold 10 putters. Now journalize the cost of the putters sold. Date Journal Entry Accounts 28 Journal Entry Accounts Debit Debit Credit Credit Choose from any list or enter any number in the input fields and then continue to the next question. emp 10 2 of 2 of 1 of 2 of 2 of EUS

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