Question: Somebody help me with this. I keep getting stuck on it. Answer all of the questions, please. Thank you. Riley's Sporting Goods, Inc., carries a
Somebody help me with this. I keep getting stuck on it. Answer all of the questions, please. Thank you.
Riley's Sporting Goods, Inc., carries a line of titanium putters. Riley's Sporting Goods, Inc., uses the FIFO method and a perpetual inventory system. The sales price of each putter is $200. Company records indicate the following activity for putter for the month of July:



Requirement 1. Prepare a perpetual inventory record for the putters to determine the amount Riley's Sporting Goods, Inc., should report for ending inventory and cost of goods sold using the FIFO method. 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 a end of the period. (Enter the oldest inventory layers first.) FIFO: Purchases Cost of goods sold Unit Total Unit Total Inventory on hand Unit Total Qty Cost Cost Date Qty Cost Cost Qty Cost Cost Jul 11 Requirements 1. Prepare a perpetual inventory record for the putters to determine the amount Riley's Sporting Goods, Inc., should report for ending inventory and cost of goods sold using the FIFO method. 2. Journalize the inventory transactions for Riley's Sporting Goods, Inc., using the FIFO method. Assume all purchases and sales are on account. Data table Date Item Quantity Unit Cost Jul 14 GA $ 92 1 Balance 7 Purchase 11 Sale 13 $ GA 95 16 19 Purchase 20 $ 98 28 Sale 15
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