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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

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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. 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 an January 91 ). 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 balonce on hand at December 12 , January 9 and January 15 . 1. Specific identification method. 2. Averoge-cost method 3. First-in, First-out (FFO) method. 4. Last-in, First-out (LIFO) method. Complete this question by entering your answers in the tabs below. Record cost of 1,000 Ace-5 reels sold to Angler's Warehouse under Specific: Identification. Note: Enter debits before credits. Journal entry worksheet 4 Record cost of 1,000 Ace-5 recels sold to Angler's Warehouse under Average: cost. Note: enter debits before credits. Journal entry worksheet 1 Record cost of 1,000 Ace-5 reels sold to Angler's Warehouse under FIFO. Fote: Enter debits befoe cicreditsi. Journal entry worksheet 1 2 Record cost of 1,000 Ace 5 reels sold to Angler's Warehouse under LIFO. Noted-Enter debsis before credits. Specific Identification method: (Enter all values as positive numbers.) verage-cost method: (Enter all values as positive numbers. Round "Unit Cost" to 2 decimal places.) First-in, Fist-out (FIFO) method: (Enter all values as positive numbers.) Complete this question by entering your answers in the tabs below. East-in, First out (LFO) method: (Enter all values as positive numbers.)

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