Presented below is information related to Headland Enterprises. Jan. 31 Feb. 28

Question

Presented below is information related to Headland Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost Inventory at LCNRV Purchases for the month Sales for the month $18,300 $18,422 $20,740 $17,080 17,690 15,372 19,032 16,226 32,330 48,800 20,740 35,380 29,280 42,700 Your answer is partially correct. Try again 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 Sales Revenu 35380 270 880 Cost of Goods Sold 18300 20740 39040 18422 20618 14762 18422 928 770 074 0740 02330 3070 17080 purchases Inventory, Ending (2696 3599 Cost of Goods Sold 1573 12810 ross Prof 1254 2440 1048 Gain (loss) due to Market Fluctuations of Inve 12322 143466 12556

Explanation / Answer

February March April Gross Profit 14762 15738 12810 Gain (loss) due to Market Fluctuations of Inventory -2440 1342 854 12322 17080 13664 Calculations: January February March April Inventory at cost 18300 18422 20740 17080 Inventory at LCNRV 17690 15372 19032 16226 Valuation account balance 610 3050 1708 854 Gain (loss) -2440 1342 854

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