Presented below is information related to Kingbird Enterprises. Jan. 31 318,150 17.545 Inventory at cost Inventory at LCNRV Purchases for the month Sales for the month 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 Your answer is partially correct. 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 es. -45 or parentheses es. (45)) February March Sales Revenue 35090 42.350 Cost of Goods Sold 18271 18150 i i Inventory. Beginning Purchases 20.570 i 29.040 i 38720 47311 Cost of Goods Available Inventory, Ending -18271 -20520 i Cost of Goods Sold 20449 1 26741 Gross Proht 14641 15609 3025 1694 Gain loss due to Market Fluctuation of entory 13915 $ 11616 February March April $ 35.090 42.350 48.400 18150 i 18271 16,940 20,570 29.040 32.065 i 38720 47311 i 49,005 -182711 -205701 16,940 i 20449 i 26743 32.065 14641 15609 16.940 utions of inventory 3025 1094 11616 $ 13915 List of Accounts Attempts: 3 of 3 used (b) 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 for the amounts.) Date Account Titles and Explanation Debit Credit