Presented below is information related to Novak Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost Inventory at LCNRV Purchases for the month Sales for the month $18,360 16,848 25,920 37,800 $16,200 15,660 $16,308 13,608 18,360 31,320 $15,120 14,364 28,620 43,200 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 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work Question 3 Accounts Payable Adjustment to Record Inventory at Cost Allowance to Reduce Inventory to Market Allowance to Reduce Inventory to NRV Biological Assets - Shearing Sheep Cash Cost of Goods Sold Estimated Liability on Purchase Commitments Inventory Inventory Over and Short Loss Due to Decline of Inventory to NRV Loss Due to Market Decline of Inventory Notes Payable Purchases Raw Materials Recovery of Loss Due to Market Decline of Inventory Recovery of Loss Inventory Salaries and Wages Expense Sales Revenue Unrealized Holding Gain or Loss Equity Unrealized Holding Gain or Loss Income Wool Inventory