(L.OBJ. 3) Measuring ending inventory and cost of goods sold in a perpetual system—LIFO [20—25 min]
Refer to the Putter’s Paradise inventory data in Exercise 6-15. Assume that Putter’s Paradise uses the perpetual LIFO cost method.
Requirements
1. Prepare Putter’s Paradise 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 Putter’s Paradise inventory transactions using the perpetual LIFO method.
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