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Putter's Choice carries an inventory of putters and other golf clubs. The sales price of each putter is $122. Company records
indicate the following for a particular line of Putter's Choice's putters:
(Click the icon to view the records.)
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Requirement 1. Prepare Putter's Choice's perpetual inventory record for the putters assuming Putter's Choice 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.
table
Purchases
Unit
Cost of Goods Sold
Inventory on Hand
Total
Unit
Total
Date
Quantity
Cost
Cost
Quantity
Cost
Cost
Quantity
Unit
Cost
Total
Cost
Sep. 1
Date
Item
Quantity
Unit Cost
p. 1
Balance
13 $
75
p. 6
Sale
5
p. 8
Purchase
12
85
p. 17
Sale
12
p. 30
Sale
5
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Requirements
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1. Prepare Putter's Choice's perpetual inventory record for the putters assuming
Putter's Choice 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.
2. Journalize Putter's Choice's inventory transactions using
the weighted-average inventory costing method. (Assume purchases and
sales are made on account.)
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