Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting For Decision Makers

Authors: DeFond, Mark

3rd Edition

1618534432, 9781618534439

More Books

Students also viewed these Accounting questions

Question

What is the message repetition?

Answered: 1 week ago

Question

What is the budget for this project?

Answered: 1 week ago