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.

NEED EXPLANATION IN TEXT FORM

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