Problem 8.1A On 15 January 2013, BassTrack sold 1,000 Ace-5 fishing reels to Angler's Warehouse. Immediately prior to this sale, BassTrack's perpetual inventory records for Acc-5 reels included the following cost layers: T VE Vatuation Purchase Date Quantity Unit Cost Total Cost 12 Dec. 2012. ... 600 $290 $174,000 288,000 $462,000 9 Jan. 2013. 900 320 Tolal on hand 1,500 Instructions Note: We present this problem in the normal sequence of the uccounting cyclo-that is, journal entries before ledger entries. However, you may find it helpful to work part b first. a. Prepare a sepurate journal entry to record the cost of goods sold relating to the 15 January sale of 1,000 Ace-5 reels, assuming that BassTrack uses: 1. Specific cost identificution (500 of the units sold were purchased on 12 Decemher, and the remaining S00 were purchased on 9 January). 2. Weighted averuge cost. 3. 1IRO.

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Problem 8.1A On 15 January 2013, BassTrack sold 1,000 Ace-5 fishing reels to Angler's
Warehouse. Immediately prior to this sale, BassTrack's perpetual inventory records for Acc-5 reels
included the following cost layers:
T
VE
Vatuation
Purchase Date
Quantity
Unit Cost
Total Cost
12 Dec. 2012. ...
600
$290
$174,000
288,000
$462,000
9 Jan. 2013.
900
320
Tolal on hand
1,500
Instructions
Note: We present this problem in the normal sequence of the uccounting cyclo-that is, journal
entries before ledger entries. However, you may find it helpful to work part b first.
a. Prepare a sepurate journal entry to record the cost of goods sold relating to the 15 January sale
of 1,000 Ace-5 reels, assuming that BassTrack uses:
1. Specific cost identificution (500 of the units sold were purchased on 12 Decemher, and
the remaining S00 were purchased on 9 January).
2. Weighted averuge cost.
3. 1IRO.

Image Transcription

Problem 8.1A On 15 January 2013, BassTrack sold 1,000 Ace-5 fishing reels to Angler's Warehouse. Immediately prior to this sale, BassTrack's perpetual inventory records for Acc-5 reels included the following cost layers: T VE Vatuation Purchase Date Quantity Unit Cost Total Cost 12 Dec. 2012. ... 600 $290 $174,000 288,000 $462,000 9 Jan. 2013. 900 320 Tolal on hand 1,500 Instructions Note: We present this problem in the normal sequence of the uccounting cyclo-that is, journal entries before ledger entries. However, you may find it helpful to work part b first. a. Prepare a sepurate journal entry to record the cost of goods sold relating to the 15 January sale of 1,000 Ace-5 reels, assuming that BassTrack uses: 1. Specific cost identificution (500 of the units sold were purchased on 12 Decemher, and the remaining S00 were purchased on 9 January). 2. Weighted averuge cost. 3. 1IRO.

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