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.

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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

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