Presented below is information related to Windsor Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $16,200 $16,308 $18,360 $15.120 Inventory at LCNRV 15,660 13,608 16,848 14,364 Purchases for the month 18,360 25.920 28.620 Sales for the month 31.320 37,800 43,200 (a) Your answer is 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 e.g. -45 or parentheses e.g. (45).) February March April Sales Revenue 31,320 $ 37,800 $ 43200 Cost of Goods Sold V Inventory, Beginning 16,200 i 16,308 i 18360 i Purchases 18,360 i 25,920 i 28620 i Cost of Goods Available V 34560 i 42.228 i 46980 i Inventory, Ending 16,308 i 18360 i 15120 i Cost of Goods Sold 18,252 i 23868 i 31860 i Gross Profit 13,068 13,932 11340 Gain (loss) due to Market Fluctuations of Inventory -$2,160 1,188 756 $ 10,908 $ 15,120 $ 12,096 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 Jan. 31 Feb. 28 Mar. 31 Apr. 30