Chapter 6, Problem 6.17E

Use the following information to answer Exercises E6-16 through E6-18.

Putter’s Choice carries an inventory of putters and other golf clubs. The sales price of each putter is $119. Company records indicate the following for a particular line of Putter’s Choice putters:

Date	Item	Quantity	Unit Cost
Nov. 1	Balance	22	$ 60
6	Sale	12
8	Purchase	25	81
17	Sale	25
30	Sale	5

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

Requirements

1. 1. Prepare Putter’s Choice’s perpetual inventory record for the putters assuming Putter’s Choice uses the LIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month.
2. 2. Journalize Putter's Choice’s inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.)