Question 1 Hyatt Magic carries an inventory of putters and other gulf clubs. Hyatt uses the FIFO method and a perpetual inventory system. Company records indicate the following for a particular line of Hyatt Magic putters: Date Item Quantity Unit Cost November 1 Balance…………. 5 $70 November 6 Sale……………… 3 November 8 Purchase…………. 10 $79 November 17 Sale……………… .4 November 30 Sale………………. 5 i) Prepare a perpetual inventory record for the putters using the FIFO method. What amounts would Hyatt report for ending inventory and cost of goods sold? ii) Assume that Hyatt Magic uses the LIFO method of inventory costing, what would be the cost of ending inventory and cost of goods sold? iii) Prepare Hyatt Magic perpetual inventory record assuming the company uses the average-cost method. Round average cost per unit to the nearest cent and all other amounts to the nearest dollar. iv) After preparing the FIFO perpetual inventory record in part (i), journalize Hyatt Magic’s November 8 purchase of inventory