Problem 8.1A (Static) Four Methods of Inventory Valuation (LO8-1) On January 15, 2021, Sports Worid 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 joumal 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 prodjuct, the sale on Janvary 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. Prepare a separate journal entry to record the cost of goods sold relating to the lanuary 15 cale of 1,000Ace5 recks, assuning that Sports World uses: (If no entry is required for a transakton/eyent, select "No pournal entry required" in the first account fields) Journal entry worksheet Pecord cost of 1,090 Ace.5 reels sold to Angler?s Warehouse under Specific Identification. Bote Lnter detits before crepta. b. Complete a subsidiary ledger record for Ace. 5 reels using each of the four irwentory valuation methods listed above. Your imventory 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 identifichtion method 2. Average-cost method. 3. Firstin, Fist-out (FFFO) method 4. Lostan, First-out (LFO) method Complete this question by entering your answers in the tabs below. Specific identification method: (Enter all values as positive numbers.) Complete this question by entering your answers in the tabs below. Average-cost method: (Enter all values as positive numbers. Round "Unit cost" to 2 decimal places. First-in, First-out (FIFO) method: (Enter-all values as positive numbers.) Last-in, First-out (LIFO) method: (Enter all values as positive numbers.)