Chapter 6, Problem E6.16E

Measuring and journalizing merchandise inventory and cost of goods sold-FIFO

Learning Objective 2

1. CCOGS $3.232

Requirements

1. 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.
2. Journalize Golf Unlimited’s inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.)