Question 5 of 5 - / 12 View Policies Current Attempt in Progress The following information is for Ayayai Enterprises Ltd.: Jan 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $26.000 $25.700 $29.700 $23.400 Inventory at the lower of cost and net realizable value 24,900 18.000 22.900 17,600 Purchases for the month 20,100 24,700 27.300 Sales for the month 30.000 36,700 41.500 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. Ayayai uses the indirector allowance method. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses eg. (45).) Ayayai Enterprises Ltd. Income Statement February March $ e Textbook and Media View Policies Current Attempt in Progress The following information is for Ayayai Enterprises Ltd.: Jan 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $26,000 $25,700 $29,700 $23,400 Inventory at the lower of cost and net realizable value 24,900 18,000 22,900 17,600 Purchases for the month 20.100 24,700 27.300 Sales for the month 30,000 36,700 41.500 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. Ayayai uses the indirector allowance method. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g. (45).) Ayayai Enterprises Ltd. Income Statement February March April $ 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 after 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 O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 Feb. 28 Mar. 31 Apr. 30