The following information is for Sheffield Enterprises Ltd.: Mar. 31 Jan 31 $25,900 Feb. 28 $25,400 Apr. 30 $23,800 $29,000 Inventory at cost Inventory at the lower of cost and net realizable value Purchases for the month Sales for the month 24,900 17,500 20,000 30,500 22,400 24,200 36,200 17,800 26,700 40,200 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. Sheffield 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).) Sheffield Enterprises Ltd. Income Statement February March Sales $ 30500 $ Cost of Goods Sold Inventory, Beginning Purchases Inventory, Ending Cost of Goods Available Gross Profit/(Loss) Gross Profit/(Loss) V Gain/(Loss) Due to Market Fluctuations of Inventory $ $ Sheffield Enterprises Ltd. Income Statement February March April $ 30500 $ $ $ $ $ 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 Ofor the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 Loss on Inventory Due to Decline in NRV | Feb. 28 Loss on Inventory Due to Decline in NRV Mar. 31 Apr. 30