Question: On May 10, Hudson Computing sold 90 Millennium computers to Apex Publishers. At th date of this sale, Hudson's perpetual inventory records included the following
On May 10, Hudson Computing sold 90 Millennium computers to Apex Publishers. At th date of this sale, Hudson's perpetual inventory records included the following cost layers for the Millennium laptops. Purchase Date Apr-09 May-01 Total on hand TASK Quantity 70 Unit Cost 1,500 Total Cost 105,000 30 1,600 48,000 100 153,000 1. Prepare journal entries to record the cost of the 90 Millennium laptops sold on May 10, assuming that Hudson Computing uses the following; a) Specfic identification method (62 of the units sold were purchased on April 9, and the remaining units were purchasd on May 1) b) Average cost method c) FIFO method d) LIFO method
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