Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please help me with the last problem d, and show me how you worked it I have tried and failed twice. On May 10, Hudson

please help me with the last problem d, and show me how you worked it I have tried and failed twice.

On May 10, Hudson Computing sold 140 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudsons perpetual inventory records included the following cost layers for the Millennium laptops.

Purchase Date Quantity Unit Cost Total Cost
Apr. 9 90 $ 1,500 $ 135,000
May 1 60 $ 1,600 96,000
Total on hand 150 $ 231,000

Prepare journal entries to record the cost of the 140 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 (83 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.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing An International Approach

Authors: Wally J. Smieliauskas, Kathryn Bewley

7th edition

1259259870, 1259087468, 70968292, 978-1259087462

More Books

Students also viewed these Accounting questions

Question

How do religious subcultures affect consumption decisions?

Answered: 1 week ago

Question

1. What are turning points and how do they aff ect relationships?

Answered: 1 week ago