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The following information is for Flounder Enterprises Ltd.: Inventory at cost Inventory at the lower of cost and net realizable value Purchases for the month Sales for the month Jan 31 $25,600 24,600 Feb. 28 $25.300 17,300 21,100 30,800 Mar. 31 $29,800 23,200 24,600 35,800 Apr. 30 $23,700 17,700 27,400 41.400

The following information is for Flounder Enterprises Ltd.: Inventory at cost Inventory at the lower of cost and net realizable value Purchases for the month Sales for the month Jan 31 $25,600 24,600 Feb. 28 $25.300 17,300 21,100 30,800 Mar. 31 $29,800 23,200 24,600 35,800 Apr. 30 $23,700 17,700 27,400 41.400

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Using the above information, prepare monthly income statements (as far as the data permit) in columnar form for February, March, and April. Show the inventory in the statement at cost; show the gain or loss due to fluctuations in NRV separately. Flounder uses the indirect or allowance method. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45)) eTextbook and Medial List of Accounts Save for Later $ Flounder Enterprises Ltd. Income Statement February TOO March $ April KOLO Attempts: 0 of 2 used Submit Answer
Transcribed Image Text:Using the above information, prepare monthly income statements (as far as the data permit) in columnar form for February, March, and April. Show the inventory in the statement at cost; show the gain or loss due to fluctuations in NRV separately. Flounder uses the indirect or allowance method. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses e.g. (45)) eTextbook and Medial List of Accounts Save for Later $ Flounder Enterprises Ltd. Income Statement February TOO March $ April KOLO Attempts: 0 of 2 used Submit Answer
The following information is for Flounder Enterprises Ltd.: Inventory at cost Inventory at the lower of cost and net realizable value Purchases for the month Sales for the month Jan 31 $25,600 24,600 Feb. 28 $25,300 17,300 21,100 30,800 Mar. 31 $29,800 Apr. 30 $23,700 23,200 17,700 24,600 27,400 35,800 41,400
Transcribed Image Text:The following information is for Flounder Enterprises Ltd.: Inventory at cost Inventory at the lower of cost and net realizable value Purchases for the month Sales for the month Jan 31 $25,600 24,600 Feb. 28 $25,300 17,300 21,100 30,800 Mar. 31 $29,800 Apr. 30 $23,700 23,200 17,700 24,600 27,400 35,800 41,400
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