Golf Unlimited carries an inventory of putters and other golf clubs. The sales price of each putter is $122. Company records indicate the following for a particular line of Golf Unlimited's putters: (Click the icon to view the records.) Read the requirements. Requirement 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. Start by entering the beginning inventory balances. Enter the transactions in chronological order, calculating new inventory on hand balances after each transaction. Once all of the transactions have been entered into the perpetual record, calculate the quantity and total cost of inventory purchased, sold, and on hand at the end of the period. (Enter the oldest inventory layers first.) Inventory on Hand Unit Cost Purchases Unit Date Quantity Cost Apr. 1 Requirements 2. Cost of Goods Sold Unit Cost Total Cost Quantity 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. Print Total Cost Quantity Journalize Golf Unlimited's inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.) Done - X Total Cost Data table Date Apr. 1 Apr. 6 Apr. 8 Apr. 17 Apr. 30 Item Balance Sale Purchase Sale Sale Print Quantity Unit Cost 10 $ 64 5 15 15 2 Done 72 - X

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in…