PROBLEM 10 The inventory of Juan Company on December 31, 2020, consists of the following items: Inventory No. A1001* A1005 A1010 A1014 A1021 A1022 A1030 Quantity 1,000 4,100 500 1,200 3,250 750 1,350 Cost per Unit P56 61 98 15 M NRV P6 59 85 16 37 26 35 20 39 *Inventory A1001 is slow-moving and was acquired four years ago. It will be sold as scrap with a realizable value of P6.00 NAD Requirement: 1. Determine the valuation of the inventory 25 031, 2020. Problem 11 (Adapted) The following information is for Mikaela Enterprises Ltd: Jan. 31 Mar. 31 Inventory at cost P25,000 P25,100 P29,000 Inventory at LCNRV 24,500 17,600 22,600 Purchases for the month 20,000 24,000 Sales for the month 29,000 35,000 31AV Feb 28 TY Apr. 30 P23,000 17,300 26,500 40,000 Requirements: 1. Using the above information, prepare a monthly income statement for the month of February, March, and April. Mikaela Enterprises Ltd. uses the indirect or allowance method. 2. Prepare the journal entry that is needed to establish the valuation account on January 31. Also, prepare the journal entries to adjust it at the end of each month after that