Presented below is information related to Wildhorse Enterprises.

		Jan. 31		Feb. 28		Mar. 31		Apr. 30
Inventory at cost		$17,700		$17,818		$20,060		$16,520
Inventory at LCNRV		17,110		14,868		18,408		15,694
Purchases for the month				20,060		28,320		31,270
Sales for the month				34,220		41,300		47,200

(a)

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		$enter a total amount for this statement

eTextbook and Media

List of Accounts

Save for Later

Attempts: 0 of 3 used

Submit Answer

(b)

The parts of this question must be completed in order. This part will be available when you complete the part above.