Publishers. At the date of this sale, Merlin's perpetual inventory records includedOn May 10, Merlin Computers sold 70 Portex lap-top computers to College TextEXERCISE 9-3FlowAssumptlonsthe following cost layers for the Portex lap-tops:Purchase DateQuantityUnlt CostTotal CostApril 9.May 1...........$48,00034,000$82,00060$80040850Total on Hand..100INSTRUCTIONS Preparejournal entries to record the cost of the 70 Portex Jap-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).

Name: Publishers. At the date of this sale, Merlin's perpetual inventory re
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Description: Publishers. At the date of this sale, Merlin's perpetual inventory records includedOn May 10, Merlin Computers sold 70 Portex lap-top computers to College TextEXERCISE 9-3FlowAssumptlonsthe following cost layers for the Portex lap-tops:Purchase Date

Under specific identification method, the specific goods are sold from number of units available.

Business

Accounting

EXERCISE 9-3 On May 10, Merlin Computers sold 70 Portex lap-top computers to Conege Publishers. At the date of this sale, Merlin's perpetual inventory records included the following cost layers for the Portex lap-tops: Flow Assumptlons Purchase Date Quantity Unlt Cost Total Cost April 9 $48,000 34,000 S82,000 May 1....... 60 S800 40 850 Total on Hand. | 100 Prepare journal 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). INSTRUCTIONS

EXERCISE 9-3 On May 10, Merlin Computers sold 70 Portex lap-top computers to Conege Publishers. At the date of this sale, Merlin's perpetual inventory records included the following cost layers for the Portex lap-tops: Flow Assumptlons Purchase Date Quantity Unlt Cost Total Cost April 9 $48,000 34,000 S82,000 May 1....... 60 S800 40 850 Total on Hand. | 100 Prepare journal 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). INSTRUCTIONS

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter9: Current Liabilities And Contingent Obligations

Section: Chapter Questions

Problem 1RE: Rescue Sequences LLC purchased inventory by issuing a 30,000, 10%, 60-day note on October 1. Prepare...

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