The following information is for Whispering Winds Enterprises Ltd.:

Jan 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $25,100 $25,600 $29,700 $23,000 Inventory at the lower of cost and net realizable value 24,000 17,500 23,300 17,000 Purchases for the month 21,100 24,500 27,400 Sales for the month 30,500 36,000 41,800

1.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. Martinez 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).) 2.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 0 for the amounts.)

The following information is for Whispering Winds Enterprises Ltd. Using the above information, prepare monthly income statements (as far as the data permit) in columnar form for February. March, and A.pril. Show the inventory in the statement at cost; show the gain or loss due to fluctuations in NRV separately. Whispering Winds uses the indirect or allowance method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).)