Exercise 8.2 (Algo) Cost Flow Assumptions (LO8-2, LO8-4) On May 10, Hudson Computing sold 140 Millennium...

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Exercise 8.2 (Algo) Cost Flow Assumptions (LO8-2, LO8-4) 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 Quantity 105 Unit Cost $ 1,500 45 150 $ 1,600 Total Cost $ 157,500 72,000 $ 229,500 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 (97 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. Exercise 8.2 (Algo) Cost Flow Assumptions (LO8-2, LO8-4) 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 Quantity 105 Unit Cost $ 1,500 45 150 $ 1,600 Total Cost $ 157,500 72,000 $ 229,500 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 (97 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.