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1.Putter's Choice carries an inventory of putters and other golf clubs. The sales price of each putter is $144. Company records indicate the following for a particular line of Putter's Choice's putters: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare a perpetual inventory record for the putters assuming Putter's Choice uses the FIFO inventory costing method. Theri 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. (Enter the oldest Inventory layers first.) Purchases Cost of Goods Sold 0 ? Data Table Unit Total Unit Total Inventory on Hand Unit Total Quantity Cost Cost Dato Quantity Cost Cost Quantity Cost Cost Sep. 1 Date Item Quantity Unit Cost S S 72 Balance Sep. 1 8 - X A Requirements 6 Sale 2 8 Purchase 12 S 75 17 Sale 12 1. 30 Sale 4 Prepare a perpetual inventory record for the putters assuring Putler's Choice uses the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. Journalize Putter's Choice's inventory transactions using the FIFO inventory costing method. (Assume purchases and sales are made on account.)

2.The Accounting Cycle Learning Objective 4 State the required steps in the accounting cycle. 1. Analyze business transactions 9. Prepare a post-closing trial balance 2. Journalize the transactions 8. Journalize and post closing entries 3. Post to ledger accounts 7. Prepare financial statements 4. Prepare a trial balance 6. Prepare an adjusted trial balance 5. Journalize and post adjusting entries 4-1 Illustration 4-11 Steps in the accounting cycle LO 4

3.Putter's Choice carries an inventory of putters and other golf clubs. The sales price of each putter is $144. Company records indicate the following for a particular line of Putter's Choice's putters: (Click the icon to view the records.) Read the requirements. Requirement 1. Prepare Putter's Choice's perpetual inventory record for the putters assuming Putter's Choice uses the LIFO inventory costing method. 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. (Enter the oldest inventory layers first.) Purchases Cost of Goods Sold Inventory on Hand Data Table - X Unit Total Unit Total Unit Total Date Quantity Cost Cost Quantity Cost Cost Quantity Cost Cost Sep. 1 Date Item Quantity Unit Cost Sep. 1 Balance 13 $ 75 Requirements - X 6 Sale 5 8 Purchase 12 $ 85 17 Sale 12 1. 30 Sale 3 Prepare Putler's Choice's perpetual inventory record for the putters assuming Puller's Choice uses the LIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the month. Journalize Putter's Choice's inventory transactions using the LIFO inventory costing method. (Assume purchases and sales are made on account.)