Presented below is information related to Metlock Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 $16,500 $16,610 $18,700 17,160 $15,400 14,630 15,950 13,860 Inventory at cost Inventory at LCNRV Purchases for the month Sales for the month 18.700 26,400 38,500 29,150 44,000 31,900 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 eg. -45 or parentheses e.g. (45).) February March April Sales Revenue $ 31900 38500 44000 Cost of Goods Sold Inventory. Beginning 16500 16610 18700 i Purchases 18700 i 26400 i 29150 i Cost of Goods Available 35200 43010 i 47850 Inventory. Ending 16610 18700 15400 Cost of Goods Sold 18590 24310 i 32450 i Gross Profit 13310 14190 11550 Gain (loss) due to Market Fluctuations of Inventory -2200 1210 770 11110 $ 15400 $ 12320 (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