4 On January 15, 2021, Sports World sold 1,000 Ace-5 fishing reels to Angler's Warehouse. Immediately...

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4 On January 15, 2021, Sports World sold 1,000 Ace-5 fishing reels to Angler's Warehouse. Immediately prior to this sale, Sports World perpetual inventory records for Ace-5 reels included the following cost layers. Purchase Date Dec. 12, 2020 eBook Jan. 9, 2021 Total on hand Quantity 600 Unit Cost Total Cost $ 29 900 1,500 32 $ 17,400 28,800 $ 46,200 References Required: a. Prepare a separate journal entry to record the cost of goods sold relating to the January 15 sale of 1,000 Ace-5 reels, assuming that Sports World uses: 1. Specific identification (500 of the units sold were purchased on December 12, and the remaining 500 were purchased on January 9). 2. Average cost. 3. FIFO. 4. LIFO. b. Complete a subsidiary ledger record for Ace-5 reels using each of the four inventory valuation methods listed above. Your inventory records should show both purchases of this product, the sale on January 15, and the balance on hand at December 12, January 9, and January 15. 1. Specific identification method. 2. Average-cost method. 3. First-in, First-out (FIFO) method. 4. Last-in, First-out (LIFO) method. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Specific identification method: (Enter all values as positive numbers.) PURCHASED SOLD BALANCE Cost of Date Dec 12 Units Unit Cost Total Units Unit Cost Units Unit Cost Balance Goods Sold 600 $ 29 $ 17,400 $ 0 $ Jan 9 900 32 $ 28,800 $ 0 $ Jan 15 $ $ $ < Req A Req B2 > Req A Req B1 Req B2 Req B3 Req B4 Average-cost method: (Enter all values as positive numbers. Round "Unit Cost" to 2 decimal places.) PURCHASED SOLD BALANCE Date Dec 12 Units Unit Cost Total Units Unit Cost Cost of Goods Sold Units Unit Cost Balance $ 0 $ 0 $ 0 Jan 9 0 $ 0 $ Jan 15 $ 0 GA 0 $ 0 Req A Req B1 Req B2 Req B3 Req B4 First-in, First-out (FIFO) method: (Enter all values as positive numbers.) PURCHASED SOLD BALANCE Date Units Unit Cost Total Units Unit Cost Cost of Goods Sold Units Unit Cost Total Dec 12 $ 0 $ 0 $ 0 Jan 9 Jan 15 $ $ 0 $ 0 $ 0 $ 0 < Req B2 Req B4 > Req A Req B1 Req B2 Req B3 Req B4 Last-in, First-out (LIFO) method: (Enter all values as positive numbers.) PURCHASED SOLD BALANCE Date Units Unit Cost Total Units Unit Cost Cost of Goods Sold Units Unit Cost Total Dec 12 $ 0 $ 0 $ 0 Jan 9 $ 0 Jan 15 $ 0 $ 0 $ 0 $ 0 $ 0 < Req B3 Req B4 > 4 On January 15, 2021, Sports World sold 1,000 Ace-5 fishing reels to Angler's Warehouse. Immediately prior to this sale, Sports World perpetual inventory records for Ace-5 reels included the following cost layers. Purchase Date Dec. 12, 2020 eBook Jan. 9, 2021 Total on hand Quantity 600 Unit Cost Total Cost $ 29 900 1,500 32 $ 17,400 28,800 $ 46,200 References Required: a. Prepare a separate journal entry to record the cost of goods sold relating to the January 15 sale of 1,000 Ace-5 reels, assuming that Sports World uses: 1. Specific identification (500 of the units sold were purchased on December 12, and the remaining 500 were purchased on January 9). 2. Average cost. 3. FIFO. 4. LIFO. b. Complete a subsidiary ledger record for Ace-5 reels using each of the four inventory valuation methods listed above. Your inventory records should show both purchases of this product, the sale on January 15, and the balance on hand at December 12, January 9, and January 15. 1. Specific identification method. 2. Average-cost method. 3. First-in, First-out (FIFO) method. 4. Last-in, First-out (LIFO) method. Complete this question by entering your answers in the tabs below. Req A Req B1 Req B2 Req B3 Req B4 Specific identification method: (Enter all values as positive numbers.) PURCHASED SOLD BALANCE Cost of Date Dec 12 Units Unit Cost Total Units Unit Cost Units Unit Cost Balance Goods Sold 600 $ 29 $ 17,400 $ 0 $ Jan 9 900 32 $ 28,800 $ 0 $ Jan 15 $ $ $ < Req A Req B2 > Req A Req B1 Req B2 Req B3 Req B4 Average-cost method: (Enter all values as positive numbers. Round "Unit Cost" to 2 decimal places.) PURCHASED SOLD BALANCE Date Dec 12 Units Unit Cost Total Units Unit Cost Cost of Goods Sold Units Unit Cost Balance $ 0 $ 0 $ 0 Jan 9 0 $ 0 $ Jan 15 $ 0 GA 0 $ 0 Req A Req B1 Req B2 Req B3 Req B4 First-in, First-out (FIFO) method: (Enter all values as positive numbers.) PURCHASED SOLD BALANCE Date Units Unit Cost Total Units Unit Cost Cost of Goods Sold Units Unit Cost Total Dec 12 $ 0 $ 0 $ 0 Jan 9 Jan 15 $ $ 0 $ 0 $ 0 $ 0 < Req B2 Req B4 > Req A Req B1 Req B2 Req B3 Req B4 Last-in, First-out (LIFO) method: (Enter all values as positive numbers.) PURCHASED SOLD BALANCE Date Units Unit Cost Total Units Unit Cost Cost of Goods Sold Units Unit Cost Total Dec 12 $ 0 $ 0 $ 0 Jan 9 $ 0 Jan 15 $ 0 $ 0 $ 0 $ 0 $ 0 < Req B3 Req B4 >