On January 15, 2024, Sports World sold 1,000 Ace-5 fishing reels to Angler's Warehouse. Immediately prior to this sale, Sports Worldperpetual inventory records for Ace-5 reels included the following cost layers:Purchase DateDecember 12, 2023January 9, 2024Total on handQuantity6009001,5002. Average cost.3. FIFO.4. LIFO.Unit Cost$2932Required:a. Prepare a separate journal entry to record the cost of goods sold relating to the January 15 sale of 1,000 Ace-5 reels, assuming thatSports World uses:Total Cost$ 17,40028,800$.46,2001. Specific identification (500 of the units sold were purchased on December 12, and the remaining 500 were purchased onJanuary 9).1. Specific identification method.2. Average cost method.3. First-In, First-out (FIFO) method.4. Last-in, First-out (LIFO) method.b. Complete a subsidiary ledger record for Ace-5 reels using each of the four inventory valuation methods listed above. Your inventoryrecords 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.

Inventory valuation methods are accounting techniques used to assign a value to the inventory of a…

On January 15, 2024, 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 December 12, 2023 January 9, 2024 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 1. Specific identification method. 2. Average cost method. 3. First-in, First-out (FIFO) method. 4. Last-in, First-out (LIFO) method. 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 balance on hand at December 12, January 9, and January 15.

On January 15, 2024, 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 December 12, 2023 January 9, 2024 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 1. Specific identification method. 2. Average cost method. 3. First-in, First-out (FIFO) method. 4. Last-in, First-out (LIFO) method. 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 balance on hand at December 12, January 9, and January 15.

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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Current Attempt in Progress Suppose that Ralph Lauren Company reports the following for the month of June Total Cast Date Jure 1 12 23 30 Explanation Units Unit Cast Inventory 34 Purchase Purchase Inventory Cost of the ending inventory Cost of goods sold Textbook and Media Chester Ca 200 500 700 ta) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption using a perpetual inventory system Assume a sale of 570 units occurred on June 15 for a selling price of $8 and a sale of 600 units on June 27 for $9 (Round average cost per unit cimal ploces, eg 5.254 and final awers to Odecinal pleces, es 2520) 230 6 S $800 3,000 5,600 FIFO LIFO Moving Avtrage Attempts of used Teden Aramat
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! Required information [The following information applies to the questions displayed below.] Alexandria Aluminum Company, a manufacturer of recyclable soda cans, had the following inventory balances at the beginning and end of 20x1. Inventory Classification Raw material Work in process Finished goods January 1, 20x1 $ 50,000 120,000 170, 000 December 31, 20x1 $ 70,000 115,000 165,000 Durjng 20x1, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect material Indirect labor Depreciation on plant and equipment Utilities 24 12,000 26,000 100,000 26, 000 30,000 Other Sales revenue was $1,110,000 for the year. Selling and administrative expenses for the year amounted to $110,000. The firm's tax rate is 40 percent. Required: 7. of 9 Next > < Prev 6.
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Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate comple During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Number of Unit Date Transaction Units Cost Total Cost $ 4,920 21,250 18,000 $ 82 Beginning inventory Purchase 60 Jan. 1 250 85 May. 5 Nov. 3 Purchase 200 90 510 $44,170 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. X Answer is not complete. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Cost of Goods Available for # of units Cost per unit Ending Inventory # of # of units Cost per unit Cost per unit Cost of Goods Sold units Sale Beginning Inventory Purchases: 60 O $ 82 O $ 4,920 82 2$ May 5 250 O S 85 O 21,250 250 O $ 85 21,250 Nov. 3 200 O S 90 V 18,000 200 O s 90 18,000 470 X S 90 42,300 Total 510 44,170 450 39,250 470 $ 42,300
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On May 10, Hudson Computing sold 140 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson's perpetual inventory records included the following cost layers for the Millennium laptops: Purchase Date April 9 May 1 Total on hand View transaction list Required: Prepare journal entries to record the cost of the 140 Millennium laptops sold on May 10, assuming that Hudson Computing uses the following: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. a. Specific identification method (83 of the units sold were purchased on April 9, and the remaining units sold were purchased on May 1). b. Average-cost method. c. FIFO method. d. LIFO method. Journal entry worksheet Quantity 90 60 150 1 2 Transaction a. 3 Note: Enter debits before credits. Unit Cost $ 1,500. $ 1,600 4 Record the cost of 140 Millennium computers sold to Apex Publishers under Specific identification method. Total Cost $ 135,000 96,000 $…