The following information is for Monty Enterprises Ltd.: Inventory at cost Inventory at the lower of...
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The following information is for Monty Enterprises Ltd.: Inventory at cost Inventory at the lower of cost and net realizable value Purchases for the month Sales for the month Jan 31 $26,100 25,100 Feb. 28 $25,500 17,900 20,000 30.100 Mar. 31 $30,000 23,600 24,300 34,700 Apr. 30 $23,500 17,600 27,200 41,200 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).) The following information is for Monty Enterprises Ltd.: Inventory at cost Inventory at the lower of cost and net realizable value Purchases for the month Sales for the month Jan 31 $26,100 25,100 Feb. 28 $25,500 17,900 20,000 30.100 Mar. 31 $30,000 23,600 24,300 34,700 Apr. 30 $23,500 17,600 27,200 41,200 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).)
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Related Book For
Intermediate Accounting
ISBN: 978-0176509736
10th Canadian Edition, Volume 1
Authors: Donald Kieso, Jerry Weygandt, Terry Warfield, Nicola Young,
Posted Date:
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