Prepare the journal entry reguired to establish the valuation account at January 31 and entries to adjust it monthly thereafter. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.)DateAccount Titles and ExplanationDebitCreditJan. 31 vFeb. 28 vMar. 31 vAprг. 30 vClick if vou would likco to Show Wo-k for this quection: Open Show Work Exercise 9-05Presented below is information related to Crane Enterprises.Jan. 31Feb. 28Mar. 31Apr. 30Inventory at cost$15,150$15,251$17,170$14.140Inventory at LCNRV14,64512,72615,75613,433Purchases for the month17,17024,24026,765Sales for the month29,29035,35040,4007 Your answer is partially correct. Try again.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).)FebruaryMarchAprilSales RevenueCost of Goods SoldInventory, BeginningPurchasesCost of Goods Available

Presented below is information related to Crane Enterprises. Apr. 30 $14,140 Jan. 31 Feb. 28 Mar. 31 $15,150 Inventory at cost Inventory at LCNRV Purchases for the month $15,251 $17,170 14,645 12,726 15,756 24,240 13,433 26,765 17,170 Sales for the month 29.290 35.350 40.400 Your answer is partially correct. Try again. 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)

Presented below is information related to Crane Enterprises. Apr. 30 $14,140 Jan. 31 Feb. 28 Mar. 31 $15,150 Inventory at cost Inventory at LCNRV Purchases for the month $15,251 $17,170 14,645 12,726 15,756 24,240 13,433 26,765 17,170 Sales for the month 29.290 35.350 40.400 Your answer is partially correct. Try again. 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)

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

The units of Manganese Plus available for sale during the year were as follows: Mar. 1 Inventory 25 units @ $29 $725 June 16 Purchase 32 units @ $34 1,088 Nov. 28 Purchase 40 units @ $37 1,480 97 units $3,293 There are 17 units of the product in the physical inventory at November 30. The periodic inventory system is used. Round answers to the nearest whole dollar. a. Determine the inventory cost by the FIFO method. $4 b. Determine the inventory cost by the LIFO method. $4 c. Determine the inventory cost by the average cost methods.
Beginning inventory, purchases and sales data for T-shirts are as follows: April 3 Inventory 24 units @ $10 11 Purchase 26 units @ $12 14 Sale 36 units 21 Purchase 18 units @ $15 25 Sale 20 units Assuming the business maintains a periodic inventory system; calculate the cost of merchandise sold and ending inventory under the following assumptions: FIFO LIFO Average cost In your computations, round the average cost per unit to two decimal places and round your final answers to the nearest dollar.
Use the following information from Marvel Company for themonth of July. July 1 Beginning inventory 75 units @ $25 eachJuly 3 Purchase 348 units @ $27 eachJuly 8 Sale 300 unitsJuly 15 Purchase 257 units @ $28 eachJuly 23 Sale 275 units Assume that Marvel uses a periodic FIFO inventory system. What is the dollar value of its ending inventory? a. $2,940 c. $2,625 e. $2,705 b. $2,685 d. $2,852
s
Please help me to solve this problem
i need the answer quickly
Please don't give image format and complete all required
Please do not give solution in image format thanku
You are provided with the following information for Geo Inc., which purchases its inventory from a supplier on account. All sales are also on account. Geo uses the FIFO cost formula in a perpetual inventory system. Increased competition has recently decreased the price of the product. Date Explanation Oct. 1 Beginning inventory 5 Purchases 8 Sales Purchases 15 20 Sales 26 Purchases Units 60 100 (120) 35 (60) 15 Unit Cost Price $140 130 200 120 160 110 Instructions (a) Prepare all journal entries for the month of October for Geo, the buyer. (b) Determine the cost of goods sold and ending inventory amount for Geo. (c) On October 31, Geo learns that the product has a net realizable value of $108 per unit. What amount should ending inventory be valued at on the October 31 statement of financial position? (d) Now assume that Geo uses the average cost formula in a perpetual inventory system. Determine the cost of goods sold and ending inventory amount for Geo, ignoring the effect of (c). (e)…
please answer 4 and 5? answer are at the bottom what is the process to get these answers
Give me correct answer with explanation.h
Find: 1 ) Ending inventory , CGS, 2 ) Total Sales , Gross profit 3 ) Journal entries of sales , CGS . All sales on account. FIFO Strictly.