Question

Exercise 9-5 (Part Level Submission) Presented below is information related to Grouper Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $16,500 $16,610 $18,700 $15,400 Inventory at LCNRV 15,950 13,860 17,160 14,630 Purchases for the month 18,700 26,400 29,150 Sales for the month 31,900 38,500 44,000 Collapse question part (a) Partially correct answer. 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).)

Answer 1

	31-Jan	28-Feb	31-Mar	30-Apr
Inventory at Cost	16500	16610	18700	15400
Inventory at LCNRV	15950	13860	17160	14630
Purchases for the month		18700	26400	29150
Sales for the month		31900	38500	44000
INCOME STATEMENT
		FEBRUARY	MARCH	APRIL
Sales Revenue (I)		31900	38500	44000
Cost of goods Sold
Inventory beginning (A)		16500	16610	18700
Purchases (B)		18700	26400	29150
Cost of goods available (A + B) ( C)		35200	43010	47850
Inventory ending (D)		16610	18700	15400
Cost of Goods sold (C - D) (II)		18590	24310	32450
Net Income (I - II)		13310	14190	11550