Question: On May 10, MM Computers sold 70 lap top computers to TEXT PUBLISHERS. At the date of this sale. MM perpetual inventory records included the

On May 10, MM Computers sold 70 lap top computers to TEXT PUBLISHERS. At the date of this

sale. MM perpetual inventory records included the following cost layers for the lap-tops:

April 9

60 units@ 800 each

$ 48000

34000

May 4

40 units @ 850 each

100 units

$ 82000

Instructions: Prepare journal entries to record the cost of the 70 lap-tops sold on May 10, assuming

that MM Computers uses the:

a. Average -cost method. b. FIFO Method c. LIFO Method

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