The following information is for Martinez Enterprises Ltd.: Jan 31 Feb. 28 Mar. 31 Apr. 30...

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The following information is for Martinez Enterprises Ltd.: Jan 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $25,900 $26,100 $29,000 $23,600 Inventory at the lower of cost and net realizable value 24,900 18,000 22,200 17,400 Purchases for the month 20,200 24,900 27,600 Sales for the month 30,100 37,200 41,000 Using the above information, prepare monthly income statements (as far as the data permit) in columnar form for February, March, and April. Show the inventory in the statement at cost; show the gain or loss due to fluctuations in NRV separately. Martinez uses the indirect or allowance method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Martinez Enterprises Ltd. Income Statement Prepare the journal entry that is needed to establish the valuation account at January 31 and the entries to adjust it at the end of each month after that. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit I Jan. 31 Feb. 28 Mar. 31 NI The following information is for Martinez Enterprises Ltd.: Jan 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $25,900 $26,100 $29,000 $23,600 Inventory at the lower of cost and net realizable value 24,900 18,000 22,200 17,400 Purchases for the month 20,200 24,900 27,600 Sales for the month 30,100 37,200 41,000 Using the above information, prepare monthly income statements (as far as the data permit) in columnar form for February, March, and April. Show the inventory in the statement at cost; show the gain or loss due to fluctuations in NRV separately. Martinez uses the indirect or allowance method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Martinez Enterprises Ltd. Income Statement Prepare the journal entry that is needed to establish the valuation account at January 31 and the entries to adjust it at the end of each month after that. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit I Jan. 31 Feb. 28 Mar. 31 NI The following information is for Martinez Enterprises Ltd.: Jan 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $25,900 $26,100 $29,000 $23,600 Inventory at the lower of cost and net realizable value 24,900 18,000 22,200 17,400 Purchases for the month 20,200 24,900 27,600 Sales for the month 30,100 37,200 41,000 Using the above information, prepare monthly income statements (as far as the data permit) in columnar form for February, March, and April. Show the inventory in the statement at cost; show the gain or loss due to fluctuations in NRV separately. Martinez uses the indirect or allowance method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Martinez Enterprises Ltd. Income Statement Prepare the journal entry that is needed to establish the valuation account at January 31 and the entries to adjust it at the end of each month after that. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit I Jan. 31 Feb. 28 Mar. 31 NI The following information is for Martinez Enterprises Ltd.: Jan 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $25,900 $26,100 $29,000 $23,600 Inventory at the lower of cost and net realizable value 24,900 18,000 22,200 17,400 Purchases for the month 20,200 24,900 27,600 Sales for the month 30,100 37,200 41,000 Using the above information, prepare monthly income statements (as far as the data permit) in columnar form for February, March, and April. Show the inventory in the statement at cost; show the gain or loss due to fluctuations in NRV separately. Martinez uses the indirect or allowance method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Martinez Enterprises Ltd. Income Statement Prepare the journal entry that is needed to establish the valuation account at January 31 and the entries to adjust it at the end of each month after that. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit I Jan. 31 Feb. 28 Mar. 31 NI The following information is for Martinez Enterprises Ltd.: Jan 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $25,900 $26,100 $29,000 $23,600 Inventory at the lower of cost and net realizable value 24,900 18,000 22,200 17,400 Purchases for the month 20,200 24,900 27,600 Sales for the month 30,100 37,200 41,000 Using the above information, prepare monthly income statements (as far as the data permit) in columnar form for February, March, and April. Show the inventory in the statement at cost; show the gain or loss due to fluctuations in NRV separately. Martinez uses the indirect or allowance method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Martinez Enterprises Ltd. Income Statement Prepare the journal entry that is needed to establish the valuation account at January 31 and the entries to adjust it at the end of each month after that. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit I Jan. 31 Feb. 28 Mar. 31 NI The following information is for Martinez Enterprises Ltd.: Jan 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $25,900 $26,100 $29,000 $23,600 Inventory at the lower of cost and net realizable value 24,900 18,000 22,200 17,400 Purchases for the month 20,200 24,900 27,600 Sales for the month 30,100 37,200 41,000 Using the above information, prepare monthly income statements (as far as the data permit) in columnar form for February, March, and April. Show the inventory in the statement at cost; show the gain or loss due to fluctuations in NRV separately. Martinez uses the indirect or allowance method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Martinez Enterprises Ltd. Income Statement Prepare the journal entry that is needed to establish the valuation account at January 31 and the entries to adjust it at the end of each month after that. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit I Jan. 31 Feb. 28 Mar. 31 NI

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1 Preparation of income statement Feb March April Sales 30100 37200 41000 COGS Opening inve... View the full answer