Presented below is information related to Grouper Enterprises. Feb. 28 Jan. 31 $15,450 14,935 $15,553 Inventory at cost Inventory at LCNRV Purchases for the month Sales for the month 12,978 17,510 29,870 Mar. 31 $17,510 16,068 24,720 36,050 Apr. 30 $14,420 13,699 27,295 41,200 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 Sales Revenue 29870 36050 41200 Cost of Goods Sold Inventory, Beginning 15450 15553 17510 Purchases 17510 24720 T 27295 Cost of Goods Available 32960 40273 44805 T Inventory, Ending 15553 17510 14420 HHHHHHHH Cost of Goods Sold 174077 22763 30385 17 T Gross Profit 12463 13287 1 10815 2 | Gain (loss) due to Market Fluctuations of Inventory -2060 1133 T 721 10403 14420 11536 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.) Date Account Titles and Explanation Debit Credit Loss Due to Decline of Inventory to NRV 515 515 Feb. 28 allo Loss Due to Market Decline of Inventory 1 20601 Loss Due to Decline of Inventory to NRV 2060 Mar. 31 2 Loss Due to Decline of Inventory to NRV 7 Apr. 30 h 121L 127 Loss Due to Decline of Inventory to NRV