On May 10, Hudson Computing sold 140 Millennium laptop computers to Apex Publishers. At the...
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Accounting
On May Hudson Computing sold Millennium laptop computers to Apex Publishers. At the date of this sale, Hudsons perpetual inventory records included the following cost layers for the Millennium laptops:
Purchase DateQuantityUnit CostTotal CostApril $ $ May $ Total on hand$
Required:
Prepare journal entries to record the cost of the Millennium laptops sold on May assuming that Hudson Computing uses the following:
Note: If no entry is required for a transactionevent select No journal entry required" in the first account field.
Specific identification method of the units sold were purchased on April and the remaining units sold were purchased on May
Averagecost method.
FIFO method.
LIFO method.
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