Problem 11 (Adapted) OMNIA The following information is for Mikaela Enterprises Ltd: V Feb. 28 Inventory at cost Inventory at LCNRV Purchases for the month Sales for the month Jan. 31 Feb. 28 P25,000P25,100 24,500 17,600 20,000 29,000 Mar. 31 P29,000 22,600 24,000 35,000 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