Use the following information to answer Exercises E6- 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 Quantity Date Item $ 53 24 Nov. 1 Balance 20 6. Sale 70 30 8 Purchase 30 17 Sale 30 Sale 2 E6-16 Measuring and journalizing merchandise inventory and cost of goods sold-FIFO Requirements 1. Prepare a perpetual inventory record for the putters assuming Golf Unlimited usee the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. ucing the FIFO inventory cost-

Use the following information to answer Exercises E6- 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 Quantity Date Item $ 53 24 Nov. 1 Balance 20 6. Sale 70 30 8 Purchase 30 17 Sale 30 Sale 2 E6-16 Measuring and journalizing merchandise inventory and cost of goods sold-FIFO Requirements 1. Prepare a perpetual inventory record for the putters assuming Golf Unlimited usee the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. ucing the FIFO inventory cost-

Name: Use the following information to answer Exercises E6-Golf Unlimited c
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Description: Use the following information to answer Exercises E6-Golf Unlimited carries an inventory of putters and other golf clubs. The sales priceof each putter is $119. Company records indicate the following for a particular line ofGolf Unlimited's putters:

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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Sport Box sells a wide variety of sporting equipment. The following is information on the purchases and sales of their top selling hockey stick. The hockey stick sells for $130. Description Mar. 1 Beginning Inventory Mar. 3 Purchase Mar. 6 Purchase Mar. 17 Sale Mar. 23 Purchase Mar. 31 Sale Units 35 80 130 75 90 180 1. FIFO 2. Moving weighted average Unit Cost $ 60 $65 $ 70 Required: Calculate the cost of goods sold and ending inventory under the perpetual inventory system using the following methods. (Do not round your "Unit Cost" answers. Round all other intermediate and final answers to nearest whole dollar.) Cost of Goods Sold $70 Ending Inventory I
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