Question Details

(Solution Download) On January 15, 2015, Sports World sold 1,000 Ace-5 fishing reels to AnglerAc??cs Warehouse. Immed


 

 

 

 

 

 

 

On January 15, 2015, Sports World sold 1,000 Ace-5 fishing reels

 

to AnglerAc??cs Warehouse. Immediately prior to this sale, Sports World

 

perpetual inventory records for Ace-5 reels included the following

 

cost layers:

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchase Date

 

        

Quantity

 

Unit Cost

 

Total Cost

  Dec. 12,

 

2014

 

600

 

$

 

29  

 

$

 

17,400

  Jan. 9, 201590032

 

   

 

28,800  

  Total on hand1,500$

 

46,200  

 

 

 

 

 

 

 

 

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.

 

 

 

 

 

 

 

 

 

1.Specific identification

 

method: (Enter all values as positive

 

numbers.)

 

     

 

 

 

 

 

 

 

 

2.

 

Average-cost method: (Enter all values as positive

 

numbers. Round "Unit Cost" to 2 decimal places.)

 

 

       

 

 

 

 

 

 

 

 

3.First-in, First-out

 

(FIFO) method: (Enter all values as positive

 

numbers.)

 

       

 

 

 

 

 

 

 

 

4.Last-in, First-out

 

(LIFO) method: (Enter all values as positive

 

numbers.)

 


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