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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
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