Reference no: EM132516600

Question - On January 27, 2002, Nilesome, Inc. sold 800 widgets to Warren Supplies. Immediately prior to this sale, Nilesome's perpetual inventory records for widgets included the following cost layers:

Purchase Date	Quantity	Unit Cost	Total Cost
Dec. 9, 2001	500	$30	$15,000
Jan. 19, 2002	1,000	33	33,000
Total on hand	1,500		$48,000

Instructions - Prepare a separate journal entry to record the cost of goods sold relating to the January 27 sale of 800 widgets, assuming that Nilesome uses:

1. Specific identification (400) of the units sold were purchased on December 9, and the remaining 400 purchased on January 19).

2. Average cost.

3. FIFO.

4. LIFO.