Presented below is information related to Carla Enterprises.
Jan. 31 Feb. 28 Mar. 31 Apr...
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Business, 26.03.2020 04:13 wrightstephanie193
Presented below is information related to Carla Enterprises.
Jan. 31 Feb. 28 Mar. 31 Apr. 30
Inventory at cost $16,350 $16,459 $18,530 $15,260
Inventory at LCNRV 15,805 13,734 17,004 14,497
Purchases for the month 18,530 26,160 28,885
Sales for the month 31,610 38,150 43,600
Required:
1. 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 parenthesis e. g. (45).)
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