On May 10, Merlin Computers sold 70 Portex lap-top computers to College 1cxtPublishers. At the date of this sale, Merlin's perpetual inventory records includedthe following cost layers for the Portex lap-tops:EXERCISE 9-3FlowAssumptionsPurchase DateQuantityUnit CostTotal CostApril 9.....60$800$48,00034,000S82,000May 1.......40- 850Total on Hand.100INSTRUCTIONS Preparejournal entries to record the cost of the 70 Portex lap-tops sold on May 10,assuming that Merlin Computers uses the:a Specific identification method (50 of the units sold were purchased on April 9,and the remaining 20 units were purchased on May 1).b Average-cost method.c FIFO method.d LIFO method.

Name: On May 10, Merlin Computers sold 70 Portex lap-top computers to Colle
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: On May 10, Merlin Computers sold 70 Portex lap-top computers to College 1cxtPublishers. At the date of this sale, Merlin's perpetual inventory records includedthe following cost layers for the Portex lap-tops:EXERCISE 9-3FlowAssumptionsPurchase Date

Hi Student Since there are multiple subparts, we will answer only first three subparts.

Business

Accounting

EXERCISE 9-3 Flow On May 10, Merlin Computers sold 70 Portex lap-top computers to College Text Publishers. At the date of this sale, Merlin's perpetual inventory records included the following cost layers for the Portex lap-tops: Assumptions Purchase Date Quantity Unit Cost Tota! Cost April 9 $48,000 34,000 60 $800 May 1.. Total on Hand 40 850 100 S82,000 INSTRUCTIONS Preparejournal entries to record the cost of the 70 Portex lap-tops sold on May 10, assuming that Merlin Computers uses the: a Specific identification method (50 of the units sold were purchased on April 9, and the remaining 20 units were purchasced on May 1). b Average-cost method. c FIFO method.

EXERCISE 9-3 Flow On May 10, Merlin Computers sold 70 Portex lap-top computers to College Text Publishers. At the date of this sale, Merlin's perpetual inventory records included the following cost layers for the Portex lap-tops: Assumptions Purchase Date Quantity Unit Cost Tota! Cost April 9 $48,000 34,000 60 $800 May 1.. Total on Hand 40 850 100 S82,000 INSTRUCTIONS Preparejournal entries to record the cost of the 70 Portex lap-tops sold on May 10, assuming that Merlin Computers uses the: a Specific identification method (50 of the units sold were purchased on April 9, and the remaining 20 units were purchasced on May 1). b Average-cost method. c FIFO method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please do not give solution in image format thanku
Please do not give solution in image format thanku
Ra Subject: acounting
davuben
Please do not give solution in image format thanku
The following three identical units of Item JC07 are purchased during April: Item Beta Units Cost April 2 Purchase $264 April 15 Purchase 268 April 20 Purchase 272 Total $804 Average cost per unit $268 ($804 ÷ 3 units) Assume that one unit is sold on April 27 for $367. Determine the gross profit for April and ending inventory on April 30 using the (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average cost method. Gross Profit Ending Inventory a. First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost 3.
Please do not give solution in image format thanku
Please do not give solution in image format thanku
Godo
Please do not give solution in image format thanku
Do not give answer in image formate
PROBLEM 8.9 Comparison of Periodic and Perpetual Inventory Systems During the current year. Playground Specialists purchased six BigGym redwood playground set at the following dates and acquisition costs: Units Purchased Unit Cost Total Cost Date Aug. 4 $2,100 $ 4,200 Sept. 23 2,300 4,600 Oct. 2. Available for sale during the year 2.560 5,120 $13,920 On September 25. the company sold three of these BigGym sets to the Department of Parks and Recreation. The other three sets remained in inventory at December 31. 222611