Complete a subsidiary record for Ace-5 reels using each of the four inventory valuation methods listed. 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. Use the formats for inventory subsidiary records illustrated on Exhibits 8-3 through 8-5 of this chapter.

Purchase Date Quantity Unit Cost Total Cost

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Dec, 12, 2020 600 $29 $17,400

Jan, 9, 2021 900 32 $28,800

Total on hand 1,500 $46,200

Exhibits 8-3 through 8-5 of this chapter.

Part BHint: Use the charts below to compute the inventory costs allocated to cost of goods sold and ending inventory assuming each method of inventory costing. Some boxes have been completed for you. You will just need to complete the boxes highlighted.(1) Specific identification method:DatePURCHASEDSOLDBALANCEUnitsUnit CostTotalUnitsUnit CostCost of Goods SoldUnitsUnit CostBalanceDec 12600$ 29 $ 17,400 600$ 29 $ 17,400 Jan 09900$ 32 $ 28,800 600$ 29 900$ 32 $ 46,200 Jan 15 500$ 29 100$ 29 500$ 32 400$ 32 (2) Average-cost method:DatePURCHASEDSOLDBALANCEUnitsUnit CostTotalUnitsUnit CostCost of Goods SoldUnitsUnit CostBalanceDec 12600$ 29 $ 17,400 600$ 29 $ 17,400 Jan 09900$ 32 $ 28,800 1,500 $ 46,200 Jan 15 1,000 500 (3) Firt-in, first-out (FIFO) method:DatePURCHASEDSOLDBALANCEUnitsUnit CostTotalUnitsUnit CostCost of Goods SoldUnitsUnit CostBalanceDec 12600$ 29 $ 17,400 600$ 29 $ 17,400 Jan 09900$ 32 $ 28,800 600$ 29 900$ 32 $ 46,200 Jan 15 600 400 (4) Last-in, first-out (LIFO) method:DatePURCHASEDSOLDBALANCEUnitsUnit CostTotalUnitsUnit CostCost of Goods SoldUnitsUnit CostBalanceDec 12600$ 29 $ 17,400 600$ 29 $ 17,400 Jan 09900$ 32 $ 28,800 600$ 29 900$ 32 $ 46,200 Jan 15

only part B to be answered please.

problem sample

section that needs to be filled. Thanks.

b. Complete a subsidiary ledger record for Ace-5 reels using each of the four inventory valuation methods listed. 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. Use the formats for inventory subsidiary records illustrated on Exhibits 8-3 through 8-5 of this chapter. 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 he following cost layers. nstructions Tote: We present this problem in the normal sequence of the accounting cycle-that is, journal ntries before ledger entries. However, you may find it helpful to work part b first. - 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. Complete a subsidiary ledger record for Ace-5 reels using each of the four inventory valuation methods listed. Your inventory records should show both purchases of this product, the xfx Sample Worked Problem: Problem 8.1B (2) Average-cost method: (3) Firt-in, first-out (FIFO) method: (4) Last-in, first-out (LIFO) method: truethan: Lamen 16] 2. 3. FIF 1. TIFD argadicin 1 iging