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resented below is information related to Sandhill Enterprises.

Jan. 31 Feb. 28 Mar. 31 Apr. 30
Inventory at cost $15,750 $15,855 $17,850 $14,700
Inventory at LCNRV 15,225 13,230 16,380 13,965
Purchases for the month 17,850 25,200 27,825
Sales for the month 30,450 36,750 42,000

From the information, prepare as far as the data permit monthly income statements in columnar form for february march and april.

Sagot :

anthougo

Answer:

Sandhill Enterprises

Sandhill Enterprises

Income Statements

For the months ended Feb. 28, March 31, and April 30, 2020:

                                              Feb. 28  March 31  April 30

Sales for the month             $30,450  $36,750  $42,000

Cost of goods sold                 19,845    22,050     30,240

Gross profit                          $10,605   $14,700     $11,760

Explanation:

a) Data and Calculations:

                                              Jan. 31    Feb. 28        Mar. 31     Apr. 30

Inventory at cost                 $15,750    $15,855    $17,850     $14,700

Inventory at LCNRV              15,225      13,230      16,380       13,965

Purchases for the month                        17,850    25,200      27,825

Sales for the month                               30,450    36,750      42,000

Determining the ending inventory based on LCNRV:

                                              Jan. 31    Feb. 28        Mar. 31     Apr. 30

Inventory at cost                 $15,750    $15,855    $17,850     $14,700

Inventory at LCNRV              15,225      13,230      16,380       13,965

Ending inventory                  15,225      13,230      16,380        13,965

Beginning inventory                              15,225      13,230       16,380

Determining the Cost of Goods Sold:

Beginning inventory                              15,225     13,230       16,380

Purchases for the month                      17,850    25,200      27,825

Ending inventory                                   13,230     16,380       13,965

Cost of goods sold                               19,845    22,050      30,240    

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