Presented below is information related to Tamarisk Enterprises.

		Jan. 31		Feb. 28		Mar. 31		Apr. 30
Inventory at cost		$17,400		$17,516		$19,720		$16,240
Inventory at LCNRV		16,820		14,616		18,096		15,428
Purchases for the month				19,720		27,840		30,740
Sales for the month				33,640		40,600		46,400

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).)

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.)

February March April Cost of Goods Available Cost of Goods Sold Freight-in Gain (loss) due to Market Fluctuations of Inventory Gross Profit Inventory, Beginning Inventory, Ending Purchases Purchase Discounts Purchase Returns Revenues Sales Revenue Sales Returns 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