Question

On May 10, Hudson Computing sold 70 Millennium laptop computers to Apex Publishers. At the date...

On May 10, Hudson Computing sold 70 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 67 $ 1,200 $ 80,400 May 1 49 $ 1,600 78,400 Total on hand 116 $ 158,800

Prepare journal entries to record the cost of the 70 Millennium laptops sold on May 10, assuming that Hudson Computing uses the following. (Do not round intermediate calculations. 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 (59 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.

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
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. 9 120 $ 1,500 $ 180,000 May 1 30 $ 1,600 48,000 Total on hand 150 $ 228,000 Prepare journal entries to record the cost of the 140 Millennium laptops sold on May 10, assuming that Hudson Computing uses the...
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...
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                    75           $ 1,500                 $ 112,500   May 1                    75         $ 1,600                   120,000   Total on hand 150                                       $ 232,500   Prepare journal entries to record the cost of the 140 Millennium laptops sold on May...
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. 9 120 $ 1,500 $ 180,000 May 1 30 $ 1,600 48,000 Total on hand 150 $ 228,000 Prepare journal entries to record the cost of the 140 Millennium laptops sold on May 10, assuming that Hudson Computing uses the...
Q3. a. How does a company can dispose of its accounts receivable through factoring? Assume that...
Q3. a. How does a company can dispose of its accounts receivable through factoring? Assume that Hendredon Furniture factors $600,000 of receivables to Federal Factors on Nov. 15. Federal Factors assesses a service charge of 2% of the amount of receivables sold. Show the journal entry to record the sale. b. Inventory records for Dunbar Incorporated revealed the following: Date Transaction Number of Units Unit Cost Apr 1 Beginning inventory 500 $2.40 Apr 20 Purchase 400 $2.50 Dunbar sold 700...
1) March 10 Accounts Payable 3,300        Cash 3,300 Paid creditors on account What effect does this...
1) March 10 Accounts Payable 3,300        Cash 3,300 Paid creditors on account What effect does this journal entry have on the accounts? a. Decrease accounts payable, increase cash b. Increase accounts payable, increase cash c. Increase cash, decrease accounts payable d. Decrease accounts payable, decrease cash 2) The following adjusting journal entry was found on page 4 of the journal. Select the best explanation for the entry. Wages Expense 2,150            Wages Payable 2,150 ???????????????? a. Record wages paid in advance...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT