Holton Automotive Computed Gross Profit for the Month Ended January

Essay

Holton Automotive computed gross profit for the month ended January 31, 20X3 as follows:
$\begin{array}{llr}\text { Sales }&&\$ 5,200 \\\text { Cost of goods available for sale } & 4,800 & \\\text { Ending inventory (200 units) } & \underline{1,900} & \\\text { Cost of goods sold } & & \underline { 2,900 } \\\text { Gross profit } & & \underline{\$ 2,300} \\\end{array}$
Required:
1) Prepare the appropriate journal entry under U.S. GAAP regulations on January 31, 20X3.
2) Prepare the appropriate journal entry under IFRS on January 31, 20X3.
3) Prepare the appropriate journal entry under U.S. GAAP regulations for February 28, 20X3.
4) Prepare a revised gross profit statement for Holton Automotive for the month ended January 31, 20X3 under U.S. GAAP regulations.