Problem 8.1A (Static) Four Methods of Inventory Valuation (LO8-1) 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 Quantity Unit Cost Total Cost $ 17,400 Dec. 12, 2020 600 Jan. 9, 2021 $ 29 900 32 28,800 $ 46,200 Total on hand 1,500 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. 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. 2. Average-cost method. 3. First-in, First-out (FIFO) method. 4. Last-in, First-out (LIFO) method.

Brief Exercise 6-6 Calculate ending inventory and cost of goods sold using LIFO (LO6-3) During the year, Wright Company sells 475 remote-control airplanes for $120 each. The company has the following inventory purchase transactions for the year. Number of Unit Total Date Transaction Units Cost Cost $ 2,840 18,870 Jan. 1 Beginning inventory 40 $ 71 Маy. 5 Purchase 255 74 Nov. 3 Purchase 205 79 16,195 500 $37,905 Calculate ending inventory and cost of goods sold for the year, assuming the company uses LIFO. LIFO Cost of Goods Available for Sale Cost of Goods Sold Ending Inventory Ending Inventory Cost of Goods Cost of Goods # of units Cost per unit # of units Cost per unit # of units Cost per unit Available for Sale Sold Beginning Inventory Purchases: May 5 Nov. 3 Total

Problem 1A physical count of inventory on December 31, 2019 revealed that Grapes Company had inventory on hand at that date with a cost of P5,900,000. The annual examination identified that the following items were excluded from this amount: ➢Merchandise of P390,000 is held by Grapes on consignment.➢Merchandise costing P330,000 was shipped by Grapes FOB Destination to a customer on December 31, 2019. The customer was expected to receive the goods on January 5, 2020. ➢Merchandise costing P460,000 was shipped by Grapes FOB Shipping Point to a customer on December 29, 2019. The customer was expected to receive the goods on January 5, 2020. ➢Merchandise costing P930,000 shipped by a vendor Grapes Destination on December 31, 2019 was received by Grapes on Jan. 5, 2020 .➢Merchandise costing P410,000 purchased FOB Shipping Point was shipped by the supplier on December 31, 2019 and received by Grapes on January 5, 2020. What amount should appear for inventory on December 31, 2019?

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