Golf Haven carries an inventory of putters and other golf clubs

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E6-17 Measuring and journalizing inventory and cost of goods sold in a
perpetual system—FIFO [20–25 min]

Golf Haven carries an inventory of putters and other golf clubs. Golf Haven uses the
FIFO method and a perpetual inventory system. The sales price of each putter is $128.
Company records indicate the following for a particular line of Golf Haven’s putters

Date Item Quantity
Nov 1 Balance 17
6 Sale 7
8 Purchase 20 $74
17 Sale 20
30 Sale 4

Requirements

1. Prepare a perpetual inventory record for the putters. Then determine the
amounts Golf Haven should report for ending inventory and cost of goods sold
using the FIFO method.

2. Journalize Golf Haven’s inventory transactions using the FIFO method