Use the following information to answer Exercises E6-16 through E6-18.

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 Unlimiteds putters:

Date	Item	Quantity	Unit Cost
Nov. 1	Balance	24	$ 53
6	Sale	20
8	Purchase	30	?70
17	Sale	30
30	Sale	?2

E6-16 Measuring and journalizing merchandise inventory and cost of goods soldFIFO

Learning Objective 2

1. COGS $3,232

Requirements

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.

Journalize Golf Unlimiteds inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.)