Refer to the data for E5-16A. However, instead of the FIFO method, assume Golfer's Delight, Inc., uses the average cost method.

Refer to Data for E5-16A,

Requirements
1. Prepare a perpetual inventory record for the putters on the average cost basis to determine the cost of ending inventory and cost of goods sold for the month. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar.
2. Journalize the inventory transactions for Golfer’s Delight, Inc., using the perpetual average cost method. Assume all purchases and sales are on account?

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