Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each...
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Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each putter is $119. Company records indicate the following for a particular line of Golf Unlimited's putters: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the putters assuming Golf Unlimited uses the FIFO inventory costing method. Then identify 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. (Enter the oldest inventory layers first.) Date Nov. 1 Nov. 6 Nov. 8 Nov. 17 Nov. 30 Totals Quantity Purchases Unit Cost Total Cost Cost of Goods Sold Unit Quantity Cost Identify the cost of ending inventory for the month. The cost of ending inventory using the FIFO method is $ Identify the cost of goods sold for the month. The cost of goods sold using the FIFO method is $ Inventory on Hand Unit Total Cost Quantity Cost Total Cost Requirement 2. Journalize Golf Unlimited's inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.) (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the entry to record the sale of the putters on account on the 6th. Accounts and Explanation Date Nov. 6 Now record the cost of the putters sold on the 6th. Date Nov. 6 Journalize the purchase of the putters on account on the 8th. Accounts and Explanation Date Accounts and Explanation Nov. 8 Debit Debit Debit Credit Credit Credit Journalize the sale of the putters on account on the 17th. Date Nov. 17 Journalize the cost of the putters sold on the 17th. Date Nov. 17 Accounts and Explanation Date Journalize the sale of the putters on account on the 30th. Nov. 30 Accounts and Explanation Accounts and Explanation Debit Debit Debit Credit Credit Credit Journalize the cost of the putters sold on the 30th. Date Nov. 30 Accounts and Explanation Debit Credit Date Nov. 6 Accounts and Explanation Date Accounts Payable Accounts Receivable Cash Cost of Goods Sold Now record the Merchandise Inventory Sales Revenue Debit Debit Credit Credit Date Nov. 1 6 8 17 30 Item Balance Sale Purchase Sale Sale Quantity 24 20 30 30 2 Unit Cost $ 53 70 Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each putter is $119. Company records indicate the following for a particular line of Golf Unlimited's putters: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the putters assuming Golf Unlimited uses the FIFO inventory costing method. Then identify 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. (Enter the oldest inventory layers first.) Date Nov. 1 Nov. 6 Nov. 8 Nov. 17 Nov. 30 Totals Quantity Purchases Unit Cost Total Cost Cost of Goods Sold Unit Quantity Cost Identify the cost of ending inventory for the month. The cost of ending inventory using the FIFO method is $ Identify the cost of goods sold for the month. The cost of goods sold using the FIFO method is $ Inventory on Hand Unit Total Cost Quantity Cost Total Cost Requirement 2. Journalize Golf Unlimited's inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.) (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Begin by recording the entry to record the sale of the putters on account on the 6th. Accounts and Explanation Date Nov. 6 Now record the cost of the putters sold on the 6th. Date Nov. 6 Journalize the purchase of the putters on account on the 8th. Accounts and Explanation Date Accounts and Explanation Nov. 8 Debit Debit Debit Credit Credit Credit Journalize the sale of the putters on account on the 17th. Date Nov. 17 Journalize the cost of the putters sold on the 17th. Date Nov. 17 Accounts and Explanation Date Journalize the sale of the putters on account on the 30th. Nov. 30 Accounts and Explanation Accounts and Explanation Debit Debit Debit Credit Credit Credit Journalize the cost of the putters sold on the 30th. Date Nov. 30 Accounts and Explanation Debit Credit Date Nov. 6 Accounts and Explanation Date Accounts Payable Accounts Receivable Cash Cost of Goods Sold Now record the Merchandise Inventory Sales Revenue Debit Debit Credit Credit Date Nov. 1 6 8 17 30 Item Balance Sale Purchase Sale Sale Quantity 24 20 30 30 2 Unit Cost $ 53 70
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1 FIFO Method 2 Journal Entries Date Transaction Balance Sale Purchase No... 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:
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