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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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