Haresh Exercise 8.2 (Algo) Cost Flow Assumptions (LO8-1)On May 10, Hudson Computing sold 115 Millennium laptop computers to Apex Publishers. At the date of this sale, Hudson's perpetualinventory records included the following cost layers for the Millennium laptops.Purchase DateApr. 9May 1Total on handQuantity8045125Unit Cost$1,500$1,600Total Cost$120,00072,000$192,000Prepare journal entries to record the cost of the 115 Millennium laptops sold on May 10, assuming that Hudson Computing uses thefollowing. (Round your final answers to the nearest dollar amount. If no entry is required for a transaction/event, select "No journalentry required" in the first account field.)a. Specific identification method (71 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.

Under FIFO method materials received first in the stores are issued first and accordingly, Inventory…

Answered: Purchase Date Apr. 9 May 1 Total on…

Purchase Date Apr. 9 May 1 Total on hand Quantity 80 45 125 Unit Cost $ 1,500 $ 1,600 Total Cost $120,000 72,000 $192,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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