'resented below is information related to Knight Enterprises. nventory at cost nventory at LCNRV 'urchases tor the month ;ales tor the month Jan 31 $15,000 14,500 Feb 28 $15,100 12,600 17,000 29,000 Mar 31 S17,ooo 15,800 24,000 35,000 Apr 30 $14,000 13,300 26,500 40,000 From the information, prepare (as tar as the data permit) monthly income statements columnar torm tor 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 separatel (using a valuation account). Prepare the journal entry required to establish the valuation account at January 31 an entries to adjust it monthly thereafter.