Unit 7 Chapter 9 Wileyf x y WieyPLUS CSecure https edugenlt

?? Unit 7: Chapter 9 Wileyf x y_ WieyPLUS CSecure https:/ edugenlti/main.uni WileyPLSin sateme Helo I Syst TOR PRINTER VERSION BACK Exercise 9-5 (Part Level Submission) Presented below is information related ta Flint Enterprises ASSTGNMENT Chapter 9 Jan. 31 Feb. 28 Mar. 31 Apr. 30 Exercise 9- Inventory at cost 16,950 $17,0G3 $19,210 $15,820 15,029 29,945 45,200 14,238 19,210 32,770 E ExnnciseInventory at LCNRV 17,628 27,120 39,550 16,385 Purchases for the month Sales for the month 9 (a) 10 Your answer is correct. 12 (Part 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 sepaately (sing a valuation account). (Enter negative amounts using either a negalive sign preceding the nunber e.g.-45 or parentheses e.g. (45).) Exencise9- 23 March April Sales Revenue 3277 39550 Cost of Goads Sold Inventory, Beginning 16950 17053 19210 19210 29945 Cast of Goads Available 36160 11193 19155 Results by Study inventory, Ending 17063 1921 15820 Cost of Goods Sold 19097 2497 Gross Profit 13673 1457 11865 CMA Degree Advis pdf ^ Show l X

Solution

Journal Entry Date Account Tittle & Explanation Debit Credit 31-Jan Loss Due to Market Decline of Inventory 565 Allowance to Reduce Inventory to Market 565 28-Feb Loss Due to Market Decline of Inventory 2260 Allowance to Reduce Inventory to Market 2260 31-Mar Allowance to Reduce Inventory to Market 1243 Recovery of Loss Due to Market Decline of Inventory 1243 30-Apr Allowance to Reduce Inventory to Market 791 Recovery of Loss Due to Market Decline of Inventory 791