On January 15, 2018. Sports World sold I Ace-5 fishing reels to Angler's Warehouse diately prior to this sale, Sports World pcmetual inventory records for Aee5 reels included following cost lay:rs, purchase Date Dec. 12, 2017. Jan g. 2018, Total on hand Instructions Quantity unit CoSt S29 1 ,500 Total S17.aoo 2B.g01) $46,200 Note: We present this problem in the normal sequence of the accounting cyclethat is, journ"l entries before ledger entries. However, you may find it helpful to work part b first. a. Prepare a separate journal entry to the cost of goods sold relating to the January I of I ,OOO Ace-5 reels. assuming that Sports World uses: 2. 3. Specific identification (SOO of thc units sold were purchased on December 12, and remaining 500 were purchased on January 9). Average cost. FIFO. I-IFO.