Use the following information to answer Exercises E6-16 through E6-18. rice of each Putter's Choice carries an inventory of putters and other golf clubs. The sales price of eac putter is $119. Company records indicate the following for a particular line of Putter s Choice putters: Quantity Unit Cost Date Nov. 1 6 Item Balance Sale $ 60 12 25 25 8 Purchase 81 17 Sale 30 Sale ective 2 E6-16 Measuring and journalizing merchandise inventory and cost of goods sold-FIFO S $2.940 Requirements 1. Prepare a perpetual inventory record for the putters assuming Putter's Choice uses the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. 2. Journalize Putter's Choice's inventory transactions using the FIFO inventory cost- ing method. (Assume purchases and sales are made on account.)