Mc G connect Problem Set A PROBLEM 8.1A Four Methods of Inventory Valuation L08-1 On January 15, 2021, Sports World sold 1,000 Ace-s 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 Dec. 12. 2020 $29 $17.400 Jan. 9. 2021 32 28.800 Total on hand 1,500 600 900 $46,200 Instructions Note: We present this problem in the normal sequence of the accounting cyclo-that is journal entries before ledger entries. However, you may find it helpful to work part b first. a. Prepare a separate journal entry to record the cost of goods sold relating to the January 15 sale of 1.000 Aces 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 Yanina