Mason Company purchased items of inventory as follows. Dec. 2 Dec. 12 50 units @...
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Mason Company purchased items of inventory as follows. Dec. 2 Dec. 12 50 units @ $20 12 units @ $21 Mason sold 15 units on December 20. Determine the cost of goods sold for the month under the LIFO inventory method. Cost of goods sold On May 10, Hudson Computing sold 90 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 Apr. 9 May 1 Total on hand Quantity Unit Cost 70 $1,500 $1,600 Total Cost $105,000 48,000 $153,000 Prepare journal entries to record the cost of the 90 Millennium laptops sold on May 10, assuming that Hudson Computing uses the following. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Specific identification method (62 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
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