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: Prepare a separate...

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:

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:

FIFO

Extracted 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