Question

# On May 10, Hudson Computing sold 140 Millennium laptop computers to Apex Publishers. At the date...

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 Quantity Unit Cost Total Cost Apr. 9 105 \$ 1,500 \$ 157,500 May 1 45 \$ 1,600 72,000 Total on hand 150 \$ 229,500

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 (97 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.

 a Cost of goods sold 214300 =(97*1500)+(140-97)*1600 Inventory 214300 b Cost of goods sold 214200 =229500/150*140 Inventory 214200 c Cost of goods sold 213500 =(105*1500)+(140-105)*1600 Inventory 213500 d Cost of goods sold 214500 =(45*1600)+(140-45)*1500 Inventory 214500

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