Question Details
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, 2015 | 900 | 32 |
|
28,800 | |||
| Total on hand | 1,500 | $ |
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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DATE ANSWEREDDec 08, 2020
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