Please don't give image format QuesQuestQuestQuesQuesData tableDate ItemNov. 1Nov. 6Nov. 8Nov. 17.Nov. 30BalanceSalePurchaseSaleSalePrintQuantity8 $212Unit Cost72123Done75IRequirements1. Prepare Putter's Paradise's perpetual inventory record for the puttersassuming Putter's Paradise uses the LIFO inventory costing method. Thenidentify the cost of ending inventory and cost of goods sold for the month.2. Joumalize Putter's Paradise's inventory transactions using the LIFOinventory costing method. (Assume purchases and sales are madeon account.)PrintDoneXSUGE Putter's Paradise carries an inventory of putters and other golf clubs. The sales price of each putter is $120. Company records indicate thefollowing for a particular line of Putter's Paradise's putters:(Click the icon to view the records.)Read the requirements.Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balancesafter each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost ofinventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.)Inventory on HandUnitCost8 $ 72 $Date QuantityNov. 1Nov. 6Purchases:UnitCostTotalCostCost of Goods SoldUnitCostQuantityTotalCostQuantityTotalCost576

LIFO Method -This is the method of inventory valuation. Under this method inventory purchased latest…

Data table Date Nov. 1 Nov. 6 Nov. 8 Nov. 17 Nov. 30 Item Balance Sale Purchase Sale Sale Quantity Unit Cost 8 $ 72 2 12 12 3 75 Requirements Prepare Putter's Paradise's perpetual inventory record for the putters assuming Putter's Paradise uses the LIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. 2. Joumalize Putter's Paradise's inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.) 1. Print Done

Data table Date Nov. 1 Nov. 6 Nov. 8 Nov. 17 Nov. 30 Item Balance Sale Purchase Sale Sale Quantity Unit Cost 8 $ 72 2 12 12 3 75 Requirements Prepare Putter's Paradise's perpetual inventory record for the putters assuming Putter's Paradise uses the LIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. 2. Joumalize Putter's Paradise's inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.) 1. Print Done

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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