Gary's Golf Shop, Inc., carries a line of titanium putters. Gary's Golf Shop, Inc., uses the...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
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
Expert Answer:
Answer rating: 100% (QA)
2 Perpetual Inventory records for the putters under LI... View the full answer
Related Book For
Horngrens Financial and Managerial Accounting
ISBN: 978-0133866292
5th edition
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
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...
-
A company currently uses the LIFO method to value its inventory. For each of the following items, indicate whether it would be higher (H) or lower (L) if the company changed to the FIFO method....
-
Tee Time, Inc., carries a line of monogrammed putters. Tee Time uses the FIFO method and a perpetual inventory system. The sales price of each putter is $170. Company records indicate the following...
-
Did you have imaginary friends when you were a young child? What do you remember about them and their value to you?
-
Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. The production superintendent was pleased when...
-
David Abbot is interested in purchasing a bond issued by Sony. He has obtained the following information on the security: Answer the following questions. a. Calculate the before-tax cost of the Sony...
-
Air flows past an object in a pipe of 2-m diameter and exits as a free jet as shown in Fig. P5.122. The velocity and pressure upstream are uniform at \(10 \mathrm{~m} / \mathrm{s}\) and \(50...
-
The Smart Way Products Company manufactures and sells wireless video cell phone, which it guarantees for five years. If a cell phone fails, it is replaced free, but the customer is charged a service...
-
Consider a S corporation. The corporation earns $2.5 per share before taxes. The corporate tax rate is 35%, the tax rate on dividend income is 20%, and the personal income tax rate is set at 20%....
-
Sandra?s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Required: 1. Calculate ending inventory and cost of goods sold at October 31,...
-
Break down s. 12.02 of the Rules of Small Claims Court into separate elements: "Motion to Strike out or Amend a Document 12.02 (1) The court may, on motion, strike out or amend all or part of any...
-
Use the data in Problem 7 to work this problem. The interest rate is 4 percent a year. Suppose that real GDP decreases from $20 billion to $10 billion and the quantity of money remains unchanged. Do...
-
Suppose that a fashion clothing firm in France organizes its salesforce in three teams: the Eyeon- Competition team, the Tick-Tock team, and the Bonus-for-Excellence team. The teams are of equal...
-
If the government budget remains balanced, what are the real interest rate, investment, and private saving? Does any crowding out occur? Use the loanable funds data in Problem 8 and the following...
-
What quantity of spraying would a private firm provide? What is the efficient quantity of spraying? In a single-issue election on mosquito control, what quantity would the winner provide? Quantity...
-
If all colleges are private and the government offers vouchers to those who enroll at a college, calculate the value of the voucher that will achieve the efficient number of students. The marginal...
-
A manufacturing company uses 1000 non-returnable special pins a month, which it purchases at $2 each. The manager has assigned an annual holding cost of 20 percent of the purchase price per pin. The...
-
The words without recourse on an indorsement means the indorser is: a. not liable for any problems associated with the instrument. b. not liable if the instrument is dishonored. c. liable personally...
-
Lee Werner is general manager of Stoneybrook Salons. During 2016, Werner worked for the company all year at a $ 14,000 monthly salary. He also earned a year-end bonus equal to 15% of his annual...
-
On November 1, Camden Equipment had a beginning balance in the Office Supplies account of $1,300. During the month, Camden purchased $1,400 of office supplies. At November 30, Camden Equipment had $...
-
Vincent Yarwood practices medicine under the business title Vincent Yarwood, M.D. During July, the medical practice completed the following transactions: Jul. 1 Yarwood contributed $68,000 cash to...
-
What is the acquisition date?
-
What constitutes a business?
-
Distinguish between a direct and an indirect acquisition.
Study smarter with the SolutionInn App