On January 15, 2018, Walmart sold 1,700 fishing reels to Costco. Immediately prior to this sale, Walmart perpetual inventory records for reels included the following

On January 15, 2018, Walmart sold 1,700 fishing reels to Costco. Immediately prior to this sale, Walmart perpetual inventory records for reels included the following cost layers: Instructions Prepare a separate journal entry to record the cost of goods sold relating to the January 15 sale of 1,700 reels, assuming that Walmart uses: Specific identification (700 of the units sold were purchased on December 12, and the remaining 1’000 were purchased on January 9). Transcribed Image Text: Purchase Date
Quantity
Unit Cost
Total Cost
Dec. 12, 2017.
800
$19
$15,200
Jan. 9, 2018. .
1’500
24
36,000
Total on hand.
2,300
$51,200

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