**Exercise 2: Journalizing Inventory Transactions**Journalize Golf Unlimited’s inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.)- Under the FIFO method, the first items purchased are the first ones to be sold.- Record the transactions in a perpetual inventory system.- Ensure accuracy in reflecting both the ending inventory and cost of goods sold for the month.Note: As this is an educational exercise, practical application should follow proper guidelines and consult with accounting standards. **Inventory and Sales Records for Golf Unlimited****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 Unlimited's putters:| **Date** | **Item** | **Quantity** | **Unit Cost** ||----------|------------|--------------|---------------|| Nov. 1 | Balance | 24 | $53 || 6 | Sale | 20 | || 8 | Purchase | 30 | $70 || 17 | Sale | 30 | || 30 | Sale | 2 | |This table provides detailed records of transactions involving putters, including opening balance, sales, and additional purchases made during November. The unit cost for purchases is also noted where applicable.

Under perpetual inventory system, entry for cost of goods sold is made at each sales. Under FIFO,…

ese he following information to answer Exercises 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 Unlimited's putters: Unit Cost Item Quantity Date 24 $ 53 Nov. 1 Balance Sale 20 70

ese he following information to answer Exercises 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 Unlimited's putters: Unit Cost Item Quantity Date 24 $ 53 Nov. 1 Balance Sale 20 70

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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