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

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E6-18 Measuring ending inventory and cost of goods sold in a perpetual
system—LIFO [20–25 min]

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

Requirements

1. Prepare Golf Haven’s perpetual inventory record for the putters on the LIFO basis.
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 LIFO method.