PRINTER VERSION Question 3 The following information is for Sarasota Enterprises Ltd.: BACK ACK NEXT Jan 31 Feb. 28 Mar 31 Apr 30 $25,700 $26,200 $29,300 $24,000 Inventory at cost Inventory at the lower of cost and net realizable value Purchases for the month Sales for the month 24,700 1,200 20,500 29.700 22.00 24,200 36,900 18.100 26.500 39.600 Using the above information, prepare monthly income statements (as far as the data permit) in columnar form for February March, and April Show the inventory in the statement at cost; show the gain or loss due to fluctuations in NRV separately. Sarasota uses the indirector allowance method (Enter negative amounts using either a negative sin preceding the numbereg.-45 ar parentheses (45).) Sarasota Enterprises Ltd. Income Statement February SHOW LIST OF ACCOUNTS Prepare the journal entry that is needed to establish the valuation account at January 31 and the entries to adjust it at the end of each month af that. (Credit account titles are automatically indented when the 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 Jan. 31 Feb. 28 Mar 31 pr. 30 SHOW LIST OF ACCOUNTS