Income statement related to the futures contract

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Reference no: EM133415741

Question: Prepare J/E's for the following dates:

a)May 1, 2018 - inception of futures, no premium paid.

b)June 30, 2018 - preparation of f/s's

c)Sept. 30, 2018 - preparation of f/s's

d)Oct. 5, 2018 - Hart purchases 200oz. Of titanium at $525/oz. and settles the futures contract.

e)Dec. 15, 2018 - Hart sells clubs containing the titanium purchases in October for $250,000. The cost of the finished goods inventory is $140,00

f) Indicate the amount(s) reported in the income statement related to the futures contract and the inventory transactions on Dec. 31, 2018

Reference no: EM133415741

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