11 (Adapted) The following information is for Mikaela Enterprises Ltd: Jan. 31 Feb. 28 Apr. 30 P23,000 Mar. 31 Inventory at cost Inventory at LCNRV P25,000 P25,100 P29,000 24,500 17,600 20,000 29,000 22,600 24,000 35,000 17,300 26,500 40,000 Purchases for the month Sales for the month Requirements: 1. Using the above infomation, prepare a monthly income statement for the month of February, March, and April. Mikaela Enterprises Ltd. uses the indirect or allowance method. 2 Prepare the joumal entry that is needed to establish the valuation account on January 31. Also, prepare the journal entries to adjust it at the end of each month after that.

11 (Adapted) The following information is for Mikaela Enterprises Ltd: Jan. 31 Feb. 28 Apr. 30 P23,000 Mar. 31 Inventory at cost Inventory at LCNRV P25,000 P25,100 P29,000 24,500 17,600 20,000 29,000 22,600 24,000 35,000 17,300 26,500 40,000 Purchases for the month Sales for the month Requirements: 1. Using the above infomation, prepare a monthly income statement for the month of February, March, and April. Mikaela Enterprises Ltd. uses the indirect or allowance method. 2 Prepare the joumal entry that is needed to establish the valuation account on January 31. Also, prepare the journal entries to adjust it at the end of each month after that.

Name: Problem 11 (Adapted)The following information is for Mikaela Enterpri
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Problem 11 (Adapted)The following information is for Mikaela Enterprises Ltd:Feb. 28Apr. 30P23,000Jan. 31Mar. 31Inventory at costP25,000P25,100P29,000Inventory at LCNRV24,50017,60020,00029,00022,60024,00035,00017,30026,500Purchases for the monthSale

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Beginning Inventory at FIFO: 15 Units @ $16 = $240 Beginning Inventory at LIFO: 15 Units @ $12 = $1801. Compute the inventory turnover ratio for the month of January under the FIFO and LIFO inventory costing methods. 2. Which costing method is the more accurate indicator of the efficiency of inventory management?
9. Sylvia's Designs Co. had the following inventory activity during April: Unit Units 100 Cost $10 Beginning inventory Purchase (April 3) Sale (April 10) Purchase (April 18) Purchase (April 23) Sale (April 28) 50 12 80 40 14 60 15 120 Assuming Sylvia's uses a periodic LIFO cost flow assumption, ending inventory for April would be a. $2,560 b. $ 750 c. $2,310 d. $ 500
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
The inventory records of TC show the following purchases:Month Units CostJanuary 15,000 190,500February 20,000 240,000March 12,500 165,00A physical count on March 31 shows 22,500 units on hand. What amount of inventory should be reported as of March 31, using FIFO method of costing?a. 120,000 b. 225,000 c. 280,500 d. 285,000
Calculate Inventory Carrying Cost (ICC) using the information below. annual demand ordering cost per order inventory carrying cost percentage leadtime unit value #days in the period. EOQ 1000 $75 20% 3 days $30 360 158
Oriole Company's record of transactions concerning part WA6 for the month of September was as follows. Purchases September 1 (balance on hand) 3 (a1) نا 12 292 2 16 300 200 @ 300 @ 300 @ 500 @ 300 @ $13.00 Average-cost per unit $ @ 13.10 13.25 13.30 13.30 13.40 Sales September 4 17 27 30 400 600 300 200 Calculate average-cost per unit. Assume that perpetual inventory records are kept in units only. (Round answer to 2 decimal places, eg. 2.76.)
Presented below is information related to lamarisk Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $17,400 $17,516 $19,720 $16,240 Inventory at LCNRV 16,820 14,616 18,096 15,428 Purchases for the month 19,720 27,840 30,740 Sales for the month 33,640 40,600 46,400 (a) 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).) February March April > > > $ $ $
! Required information [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. Total Date March 1 March 5 March 9 March 18 March 25 March 29 Beginning inventory Purchases: March 5 March 18 March 25 Activities Beginning inventory Purchase Sales Purchase Purchase Sales Totals Units Acquired at Cost 220 units @ $53.40 per unit 285 units @ $58.40 per unit Required: 1. Compute cost of goods available for sale and the number of units available for sale. 145 units @ $63.40 per unit 270 units @ $65.40 per unit # of units 920 units Cost of Goods Available for Sale Cost per Cost of Goods Available Unit for Sale Units Sold at Retail 380 units @ $88.40 per unit 250 units @ $98.40 per unit 630 units
3. Calculate January's ending inventory and cost of goods sold for the month using FIFO, perpetual system.
3
Some of the information found on a detail inventory card for Blossom Inc. for the first month of operations is as follows. Date January 2 (a1) 7 10 13 18 20 23 26 28 31 Received No. of Units 1,500 900 1,300 1,600 1,900 Unit Cost $5.01 5.34 5.51 5.68 5.85 Issued, No. of Units 1,000 800 600 1,100 1,100 1,600 Balance, No. of Units 1,500 500 1,400 600 1,300 200 1,800 700 2,600 1,000