E6-1B. FIFO (Learning Objective 2) 1015 min.Tee Time Inc. carries a line of monogrammed putters. Tee Time Inc. uses the FIFO method and a perpetual inventory system. The sale price of each putter is $170. Company records indicate the following activity for putters for the month of January: The inventory record is as follows. Date Item Quantity Unit Cost January 1 Balance 3 $92 7 Purchase 11 $96 11 Sale 12 Blank 19 Purchase 13 $98 28 Sale 5 Blank RequirementsPrepare a perpetual inventory record for the putters to determine the amount Tee Time Inc. should report for ending inventory and cost of goods sold using the FIFO method.Journalize Tee Time Inc.s inventory transactions using the FIFO method. Assume all purchases and sales are on account.

Requirements

Prepare a perpetual inventory record for the putters to determine the amount Tee Time Inc. should report for ending inventory and cost of goods sold using the FIFO method.

Journalize Tee Time Inc.s inventory transactions using the FIFO method. Assume all purchases and sales are on account.