Refer to the Golf Haven inventory data in Exercise 6-17

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E6-19 Measuring ending inventory and cost of goods sold in a perpetual
system—average cost [20–25 min]

Refer to the Golf Haven inventory data in Exercise 6-17. Assume that Golf Haven
uses the average-cost method.

Requirements

1. Prepare Golf Haven’s perpetual inventory record for the putters on the averagecost
basis. Round average cost per unit to the nearest cent and all other amounts
to the nearest dollar. Then identify the cost of ending inventory and cost of
goods sold for the month.

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