On May 10, Hudson Computing sold 140 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson's perpetual inventory records included the following cost layers for the Millennium laptops: Purchase Date April 9 May 1 Total on hand b. Average-cost method. c. FIFO method. d. LIFO method. Required: Prepare journal entries to record the cost of the 140 Millennium laptops sold on May 10, assuming that Hudson Computing uses the following: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list a. Specific identification method (83 of the units sold were purchased on April 9, and the remaining units sold were purchased on May 1). Journal entry worksheet < Quantity 90 60 150 1 2 Transaction a. 3 Note: Enter debits before credits. Unit Cost $ 1,500. $ 1,600 4 Record the cost of 140 Millennium computers sold to Apex Publishers under Specific identification method. Total Cost $ 135,000 96,000 $ 231,000 General Journal Debit Credit
On May 10, Hudson Computing sold 140 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson's perpetual inventory records included the following cost layers for the Millennium laptops: Purchase Date April 9 May 1 Total on hand b. Average-cost method. c. FIFO method. d. LIFO method. Required: Prepare journal entries to record the cost of the 140 Millennium laptops sold on May 10, assuming that Hudson Computing uses the following: Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list a. Specific identification method (83 of the units sold were purchased on April 9, and the remaining units sold were purchased on May 1). Journal entry worksheet < Quantity 90 60 150 1 2 Transaction a. 3 Note: Enter debits before credits. Unit Cost $ 1,500. $ 1,600 4 Record the cost of 140 Millennium computers sold to Apex Publishers under Specific identification method. Total Cost $ 135,000 96,000 $ 231,000 General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:On May 10, Hudson Computing sold 140 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson's perpetual
inventory records included the following cost layers for the Millennium laptops:
Purchase Date
April 9
May 1
Total on hand
View transaction list
Required:
Prepare journal entries to record the cost of the 140 Millennium laptops sold on May 10, assuming that Hudson Computing uses the
following:
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
a. Specific identification method (83 of the units sold were purchased on April 9, and the remaining units sold were purchased on May
1).
b. Average-cost method.
c. FIFO method.
d. LIFO method.
Journal entry worksheet
Quantity
90
60
150
1
2
Transaction
a.
3
Note: Enter debits before credits.
Unit Cost
$ 1,500.
$ 1,600
4
Record the cost of 140 Millennium computers sold to Apex Publishers under
Specific identification method.
Total Cost
$ 135,000
96,000
$ 231,000
General Journal
Debit
Credit
Expert Solution
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Step 1: Introduce to FIFO, LIFO and Weighted Average Method
VIEWStep 2: Working for cost of goods sold using specific identification method
VIEWStep 3: Working for cost of goods sold using average cost method
VIEWStep 4: Working for cost of goods sold using FIFO
VIEWStep 5: Working for cost of goods sold using LIFO
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