Golf Haven carries an inventory of putters and other golf clubs. Golf Haven uses the...
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Accounting
- Golf Haven carries an inventory of putters and other golf clubs. Golf Haven uses the FIFO method and a perpetual inventory system. The sales price of each putter is $128. Company records indicate the following for a particular line of Golf Havens putters:
- Prepare a perpetual inventory record for the putters. Then determine the amounts Golf Haven should report for ending inventory and cost of goods sold using the FIFO method. (5 points)
- Journalize Golf Havens inventory transactions using the FIFO method. (4 points)
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