Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver

Exercise 53

Measuring ending inventory and cost of goods sold in a perpetual system-average cost
Refer to the Golf Haven inventory data in Exercise 6-17. Assume that Golf Haven uses the average-cost method.
Requirements
1. Prepare Golf Haven's 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 Golf Haven's inventory transactions using the perpetual average-cost method.