Question
Presented below is information related to Vaughn Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $17,250 $17,365 $19,550 $16,100 Inventory at
Presented below is information related to Vaughn Enterprises.
Jan. 31 | Feb. 28 | Mar. 31 | Apr. 30 | |||||
---|---|---|---|---|---|---|---|---|
Inventory at cost | $17,250 | $17,365 | $19,550 | $16,100 | ||||
Inventory at LCNRV | 16,675 | 14,490 | 17,940 | 15,295 | ||||
Purchases for the month | 19,550 | 27,600 | 30,475 | |||||
Sales for the month | 33,350 | 40,250 | 46,000 |
(a)
New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is partially correct.
From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March, and April. The inventory is to be shown in the statement at cost; the gain or loss due to market fluctuations is to be shown separately (using a valuation account). (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
February | March | April | ||||
---|---|---|---|---|---|---|
select an income statement item Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns | $enter a dollar amount | $enter a dollar amount | $enter a dollar amount | |||
select an opening section name Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns | ||||||
select an income statement item Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||
select an income statement item Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||
select a summarizing line for the first part Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns | enter a total amount for the first part | enter a total amount for the first part | enter a total amount for the first part | |||
select an income statement item Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||
select a closing section name Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns | enter a total amount for this section | enter a total amount for this section | enter a total amount for this section | |||
select a summarizing line for the second part Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns | enter a total amount for the second part | enter a total amount for the second part | enter a total amount for the second part | |||
select an income statement item Cost of Goods AvailableCost of Goods SoldFreight-inGain (loss) due to Market Fluctuations of InventoryGross ProfitInventory, BeginningInventory, EndingPurchasesPurchase DiscountsPurchase ReturnsSales RevenueSales Returns | enter a dollar amount | enter a dollar amount | enter a dollar amount | |||
$enter a total amount for this statement | $enter a total amount for this statement |
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