The following information is for Blue Spruce Enterprises Ltd .: Jan 31 Feb. 28 Mar. 31 Apr. 30 $25,500 $25,500 $29,500 $23,700 Inventory at cost Inventory at the lower of cost and net realizable value Purchases for the month Sales for the month 24,500 17,400 23,100 17,500 20,800 24,200 27,400 30,300 35,200 40,700 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. Blue Spruce uses the indirect or allowance method. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g.(45).) Blue Spruce Enterprises Ltd 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