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Exercise 9-05 Presented below is information related to Kingbird Enterprises. Inventory at cost Inventory at LCNRV Purchases for the month Sales for the month Jan. 31 $18,150 17,545 Feb. 28 $18,271 15,246 20,570 35,090 Mar. 31 $20,570 18,876 29,040 42,350 Apr. 30 $16,940 16,093 32,065 48,400 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 separately (using a valuation account). (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) February March April Prepare the journal entry required to establish the valuation account at January 31 and entries to adjust it monthly thereafter. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Date Credit non Cost of Goods Available Cost of Goods Sold Freight-in Gain (loss) due to Market Fluctuations of Inventory Gross Profit Inventory, Beginning Inventory, Ending Purchases Purchase Discounts Purchase Returns Revenues Sales Revenue Sales Returns