(L.OBJ. 3) Measuring ending inventory and cost of goods sold in a perpetual system-average cost [20—25 min]
Refer to the Putter’s Paradise inventory data in Exercise 6-15. Assume that Putter's Paradise uses the average-cost method.
Requirement
1. Prepare Putter’s Paradise perpetual inventory record for the putters on the average-cost basis. Round 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.
2. Journalize Putter’s Paradise inventory transactions using the perpetual average cost method.
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