This is an example that has been solved

Requirement 1. Prepare a perpetual inventory record for the putters assuming

Golf Haven

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.)

	Purchases			Cost of Goods Sold			Inventory on Hand
		Unit	Total		Unit	Total		Unit	Total
Date	Quantity	Cost	Cost	Quantity	Cost	Cost	Quantity	Cost	Cost
Sep. 1							20	$70	$1,400

Part 2

Sep. 6

16

$70

$1,120

4

$70

$280

Part 3

Sep. 8	30	$87	$2,610				4	$70	$280
							30	$87	$2,610

Part 4

Sep. 17				4	$70	$280	4	$87	$348
				26	87	2,262

Part 5

Sep. 30				2	$87	$174	2	$87	$174
Totals	30		$2,610	48		$3,836	2		$174

Part 6

Identify the cost of ending inventory for the month.

The cost of ending inventory using the FIFO method is

$174

.

Part 7

Identify the cost of goods sold for the month.

The cost of goods sold using the FIFO method is

$3,836

.

Part 8

Requirement 2. Journalize

Golf Haven'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.

Date			Accounts and Explanation	Debit	Credit
Sep. 6			Accounts Receivable	2,288
			Sales Revenue		2,288
			To record sale on account.

Part 9

Now record the cost of the putters sold on the 6th.

Date			Accounts and Explanation	Debit	Credit
Sep. 6			Cost of Goods Sold	1,120
			Merchandise Inventory		1,120
			To record the cost of goods sold.

Part 10

Journalize the purchase of the putters on account on the 8th.

Date			Accounts and Explanation	Debit	Credit
Sep. 8			Merchandise Inventory	2,610
			Accounts Payable		2,610
			To record purchase of merchandise inventory on account.

Part 11

Journalize the sale of the putters on account on the 17th.

Date			Accounts and Explanation	Debit	Credit
Sep. 17			Accounts Receivable	4,290
			Sales Revenue		4,290
			To record sale on account.

Part 12

Journalize the cost of the putters sold on the 17th.

Date			Accounts and Explanation	Debit	Credit
Sep. 17			Cost of Goods Sold	2,542
			Merchandise Inventory		2,542
			To record the cost of goods sold.

Part 13

Journalize the sale of the putters on account on the 30th.

Date			Accounts and Explanation	Debit	Credit
Sep. 30			Accounts Receivable	286
			Sales Revenue		286
			To record sale on account.

Part 14

Journalize the cost of the putters sold on the 30th.

Date			Accounts and Explanation	Debit	Credit
Sep. 30			Cost of Goods Sold	174
			Merchandise Inventory		174
			To record the cost of goods sold.

I Need same for this question

Date	Item	Quantity	Unit Cost
Sep. 1	Balance	13	$75
Sep. 6	Sale	5
Sep. 8	Purchase	12	85
Sep. 17	Sale	12
Sep. 30	Sale	6

Homework:Chapter 6 Homework

Question 2, EF6-16 (similar to)

Part 1 of 14

HW Score: 26.53%, 26.53 of 100 points

Points: 5.53 of 20

Question content area top

Part 1

Putter's Paradise

carries an inventory of putters and other golf clubs. The sales price of each putter is

$105.

Company records indicate the following for a particular line of

Putter's Paradise's

putters: