1. Prepare a perpetual inventory record for the putters assuming Golf Haven uses the FIFO 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 FIFO 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:

2 Date Item Quatity Unit Cost 17 Nov Balance 6 Sale $68 $74 8 17 30 Purchase Sale Sale 20 20 4