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

Measuring ending inventory and cost of goods sold in a perpetual system—LIFO

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.

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