Inventory 239 Exercises (Group A) E5-16A. FIFO (Learning Objective 2) 10-15 min. Goiter'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 oca entory system. The sales price of each putter is $195. Company records indicate the following activity for putters for the month of July. Quantity Date Jul 1 Unit Cost $110 $112 7 11 Item Balance Purchase Sale Purchase Sale $114 28 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 meth- od. Assume all purchases and sales are on account