Golfer's Delight, Inc., carries a line of titanium putters. Golfer's Delight, Inc., uses the FIFO method and a perpetual inventory system. The sales price of each putter is $195. Company records indicate the following activity for putters for the month of July:

Requirements
1. Prepare a perpetual inventory record for the putters to determine the amount Golfer’s Delight, Inc., should report for ending inventory and cost of goods sold using the FIFO method.
2. Journalize the inventory transactions for Golfer’s Delight, Inc., using the FIFO method. Assume all purchases and sales are on account.

Transcribed Image Text:

Date Item Quantity Unit Cost $110 $112 Jul 1 Balance 6 7 Purchase 12 11 Sale 17 19 Purchase 28 Sale $114 15 12