Question

Golf Unlimited 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 Golf Unlimited's putters: (Click the icon to view the records.) Read the requirements Requirement 1. Prepare Golf Unlimited's perpetual inventory record for the puters assuming Gof Unlimited uses the weighted average Inventory costing method. Round weighted average cost per unit to the nearest cent and all other amounts to the nearest dollar. 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 Purchases Unit Cost Total Cost Cost of Goods Sold Unit Total Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost Date Quantity Nov. 1 Now Nov. 8 Nov. 17 Nov 30 Totals Choose from any list or enter any number in the input fields and then continue to the next question Save for Later

Answer 1

Answer with working is given below

Ending inventory Cost $136 Cost of goods sold | $3,236 Weighted Average method using Perpetual Inventory system Purchase Unit Total Quantity Cost Cost Nov 1 Opening stock Nov 6 Sale Nov 8 Purchase $70 $2,100 $53 Cost of Goods sold Inventory on Hand Unit Total Unit Total Quantity Cost Cost Quantity Cost Cost 24 $53 $1,272 20 $53 $1,060 4 $212 $212 $2,100 34 $68 $2,312 please input this in answer 30 $68 $2,040 4 $68 $272 2 $68 $136 2 $68 $136 52 $3,236 2 $68 $136 Nov 17 Nov 30 Sale Sale Totals 30 $2,100 Reconciliation: Opening stock Add: Purchase $1,272 $2,100 $3,372 $136 $3,236 Less: Closing stock Cost of Goods sold Journal Entries; Date Nov 6 Debit $2,380 Credit |(20*$119) $2,380 Nov 6 $1,060 $1,060 Nov 8 $2,100 $2,100 Nov 17 $3,570 Accounts and Explanation Accounts Receivable To Sales (To record sale ) Cost of Goods sold To Inventory (To record Cost of goods sold) Inventory To Accounts Payable (To record Purchase ) Accounts Receivable To Sales (To record sale ) Cost of Goods sold To Inventory (To record Cost of goods sold) Accounts Receivable To Sales (To record sale ) Cost of Goods sold To Inventory (To record Cost of goods sold) (30*$119) $3,570 Nov 17 $2,040 $2,040 Nov 17 $238 |(2*$119) $238 Nov 17 $136 $136