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 Jan. 9, 2021 Total on hand Quantity 600 900 1,500 Unit Cost $ 29 32 Total Cost $ 17,400 28,800 $ 46,200 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.

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 Jan. 9, 2021 Total on hand Quantity 600 900 1,500 Unit Cost $ 29 32 Total Cost $ 17,400 28,800 $ 46,200 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.

Name: 3-On January 15, 2021, Sports World sold 1,000 Ace-5 fishing reels to
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: 3-On January 15, 2021, Sports World sold 1,000 Ace-5 fishing reels to Angler's Warehouse. Immediately prior to this sale, Sports World perpetualinventory records for Ace-5 reels included the following cost layers.Purchase DateDec. 12, 2020Jan. 9, 20

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format thanku
Tyler Sporting Equipment uses the periodic inventory system and had the following inventory m during 2022 as shown below. Beginning Inventory, January 1, 2021 Purchases: January 18 March 3 June 30 October 18 Ending Inventory, December 31, 2021 Show your work here: Unite Unit Cost 37 $10 Answer Ending inventory 21 26 31 37 16 11 11 What is the cost of the ending inventory and the cost of goods sold? Assume the company utilizes the LIFO method. Show all of your work in the worksheet space provided. Round your answers to 2 decimal places. 9 10 Cost of goods sold
2. Using the following information under FIFO method, determine the cost of materials used and the cost of ending inventory for the month of July 2021. July 1,2021 Balance on hand, 1000 yards of linen @ OMR 4.000 each. 3 Issued 250 yards Received 500 yards @ OMR 4.500 each Issued 150 yards Issued 110 yards 6. 10 Received 500 yards @ OMR 5.500 each Returned 300 yards to the vendor from July 15th Purchase Issues 600 yards 15 20 25
Please do not give solution in image format thanku
Cast Iron Grills, Incorporated, manufactures premium gas barbecue grills. The company reports inventory and cost of goods sold based on calculations from a LIFO periodic inventory system. Cast Iron’s December 31, 2024, fiscal year-end inventory consisted of the following (listed in chronological order of acquisition): Units Unit Cost 6,200 $ 300 4,600 400 7,200 500 The replacement cost of the grills throughout 2025 was $600. Cast Iron sold 33,000 grills during 2025. The company's selling price is set at 200% of the current replacement cost. Required: 1. & 2. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2025 under two different assumptions. First, that Cast Iron purchased 34,000 units and, second, that Cast Iron purchased 18,000 units during the year. 4. Compute the gross profit (sales minus cost of goods sold) and the gross profit ratio for 2025 assuming that Cast Iron purchased 34,000 units (as per the first assumption) and…
Chapter : Inventory San Corp. conducts an assessment of the inventory held at the end of 2022. The person in charge of the San Corp. warehouse reports some information from inventory, namely from inventory Q, R, and S The cost used to sell each inventory is $30,000 Instructions: Prepare the journal entries necessary to recognize an impairment loss on inventories, if the company uses: a. cost method
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
On January 15, 2018, Walmart sold 1,700 fishing reels to Costco. Immediately prior to this sale, Walmart perpetual inventory records for reels included the following cost layers: Instructions Prepare a separate journal entry to record the cost of goods sold relating to the January 15 sale of 1,700 reels, assuming that Walmart uses: Specific identification (700 of the units sold were purchased on December 12, and the remaining 1’000 were purchased on January 9).
Please complete all requirement and Do not give solution in image format
Current Attempt in Progress Marigold Corp. had 290 units of product A on hand at January 1, 2020, costing $19 each. Purchases of product A during January were as follows: Date Units Unit Cost Jan. 10 380 $20 18 540 21 28 180 22 A physical count on January 31, 2020 shows 410 units of product A on hand. The cost of the inventory at January 31, 2020 under the LIFO method is O $7910. O $7610. O $8790. O $8310. Save for Later Attempts: 0 of 2 used Submit Answer
Wildhorse Company began operations in 2025 and determined its ending inventory at cost and at LCNRV at December 31, 2025, and December 31, 2026. This information is presented below. 12/31/25 $855,000 12/31/26 (a) Cost Date 1,022,000 LCNRV $809,400 986,700 Prepare the journal entries required at December 31, 2025, and December 31, 2026, assuming that the inventory is recorded at LCNRV, and that a perpetual inventory system. Using the cost-of-goods-sold method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts. List all debit entries before credit entries. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit