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On May 10, Hudson Computing sold 115 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson's perpetual inventory records included the
On May 10, Hudson Computing sold 115 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. Quantity Purchase Date Apr. 9 May 1 Total on hand Unit Cost $ 1,400 $ 1,500 35 125 Total Cost $126,000 52,500 $ 178,500 Prepare journal entries to record the cost of the 115 Millennium laptops sold on May 10, assuming that Hudson Computing uses the following. (Round your final answers to the nearest dollar amount. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Specific identification method (84 of the units sold were purchased on April 9, and the remaining units were purchased on May 1). b. Average-cost method. c. FIFO method. d. LIFO method. View transaction list Journal entry worksheet 2 3 4 Record the cost of {{[sold]: #,###}} Millenium computers sold to Apex Publishers. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
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