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prepare the monthly income statement in columnar format for Feb, Mar and Apr following the format, also prepare the journal entries to establish the valuation account at Jan 31 and entries to adjust it at the end of each month after that
Current Attempt in Progress The following information is for Bridgeport Enterprises Ltd.: Jan 31 Feb. 28 Mar. 31 Apr. 30 Inve
Bridgeport Enterprises Ltd. Income Statement February Sales $ 31700 Cost of Goods Sold Inventory, Beginning Purchases 20900 C
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Answer #1
Sales revenue 31700 36800 40400
Cost of goods sold
Inventory, beginning 25800 25200.00 29300
Purchases 20900 24900 26600
Cost of goods available 46700 50100 55900
Inventory, ending 25200.00 29300 23200
Cost of goods sold 21500.00 20800.00 32700.00
Gross Profit 10200.00 16000.00 7700.00
Gain (loss) due to market fluctuations -7000 1700 300
3200.00 17700.00 8000
Date Accounts Debit Credit
Jan 31 Loss due to decline of inventory to NRV 1100
Allowance to reduce inventory to NRV 1100
Feb 28 Loss due to decline of inventory to NRV 7000
Allowance to reduce inventory to NRV 7000
Mar 31 Allowance to reduce inventory to NRV 1700
Recovery of inventory loss 1700
Apr 30 Allowance to reduce inventory to NRV 300
Recovery of inventory loss 300
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