Question: PLEASE HELP I REALLY NEED HELP WITH THIS PROBLEM !! Gary's Golf Shop, Inc., carries a line of titanium putters. Gary's Golf Shop, Inc., uses








Gary's Golf Shop, Inc., carries a line of titanium putters. Gary's Golf Shop, Inc., uses the average cost method and a perpetual inventory system. The sales price of each putter is $188. Company records indicate the following activity for putters for the month of July B (Click the icon to view the records.) Read the requirements Data table - X btermine the cost of ent and all other Requirement 1. Pe ending inventory an amounts to the near Start by entering the inventory on hand record calculate the average cost per un Date Item Quantity Unit Cost 10 $ 92 1 Balance 7 Purchase culating new to the perpetual the period. (Round 20 $ 95 Avg Cost: 11 Sale 22 19 Purchase 14 $ 96 Date Qty 28 Sale 9 Jul 1 Print Done Requirement 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 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. (Round average cost per unit to the nearest cent and all other amounts to the nearest dollar) Avg Cost: Purchases Cost of goods sold Inventory on hand Requirement 1. Prepare a perpetual inventory record for the putters on the average cost basis to determin nearest dollar Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Round averaged Avg Cost: Purchases Cost of goods sold Inventory on hand Unit Total Unit Total Unit Total Date Qty Cost Cost Qty Cost Cost Qty Cost Cost Jul 7 11 19 28 Total D. Requirement 2. Journalize the inventory transactions for Gary's Golf Shop, Inc., using the perpetual average cost method. Assume all purchases and sales are on account. (Record debits first, then credits. Exclude explanations from any journal entries) July 7 Purchased 20 putters for $95 per putter Date Journal Entry Accounts Debit Credit Jul July 11 Sold 22 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 Accounts Date Debit Credit Jul 11 July 11. Sold 22 putters Now joumalize the cost of the putters sold. Date Journal Entry Accounts Debit Credit Jul 11 July 19: Purchased 14 putters for $96 per putter Journal Entry Date Accounts Debit Credit Jul 19 July 28 Sold 9 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 Date Accounts Debit Credit Jul 28 July 28: Sold 9 putters Now journalize the cost of the putters sold. Journal Entry Date Accounts Debit Credit Jul 28
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