Verizon 11:53 PM edugen.wileyplus.com C Kieso, Intermediate Accounting, 16e Inte
ID: 2576547 • Letter: V
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Verizon 11:53 PM edugen.wileyplus.com C Kieso, Intermediate Accounting, 16e Interne6ate Accounting (ACCT 100/01/30 Question1 Presented below is information related to Riverbed Enterprises Jan 31Feb. 2 Inventory at cost Iventory at LCNRV Purchases for the Mar 1 Apr 18530 7,004 26,160 38,150 16350 $16459 18,530 31,610 43,600 Your answer is partialy correct Try again From the information, prepare (as far as the data permit) monthly income statements in columnar form for Febnary March and April. The nvertorys to be shown ree sutemere at cos, the 9arar loss an to market fuchatar to be shown separately unrnga wuaton accoun Encer negetive ones sing elther e negative sign preceding the number e.g 45 or parencheses eg.suExplanation / Answer
February March April Sales Revenue 31610 38150 43600 Cost of goods sold Inventory, Beginning 16350 16459 18530 Purchases 18530 26160 28885 Cost of goods available for sale 34880 42619 47415 Inventory, Ending 16459 18530 15260 Cost of goods sold 18421 24089 32155 Gross profit 13189 14061 11445 Gain (loss) due to market fluctuations of inventory -545 -2180 1199 13734 16241 12644 Date Account Titles and Explanation Debit Credit Jan. 31 Gain (loss) due to market fluctuations of inventory 545 Inventory valuation allowance ($16350 - $15805) 545 Feb. 28 Gain (loss) due to market fluctuations of inventory 2180 Inventory valuation allowance [($16459 - $13734) - $545] 2180 Mar. 31 Inventory valuation allowance [($18530 - $17004) - $2725] 1199 Gain (loss) due to market fluctuations of inventory 1199 Apr. 30 Inventory valuation allowance [($15260 - $14497) - $1526] 763 Gain (loss) due to market fluctuations of inventory 763
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