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 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

Answer 1

Below is the monthly income statements in columnar form for February, March, and April.