Exercise 9-5 (Part Level Submission) Presented below is information related to Shamrock Enterprises. Mar. 31 Jan. 31 Feb. 28 Apr. 30 $15,600 $15,704 $17,680 $14,560 Inventory at cost 16,224 Inventory at LCNRV 15,080 13,104 13,832 24,960 17,680 27,560 Purchases for the month 30,160 36,400 41,600 Sales for the month (a) From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March, and April. The inventory is to be shown in the statement at cost; the gain or loss due to market fluctuations is to be shown separately (using a valuation account). (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) February March April Sales Revenue Cost of Goods Sold Inventory, Beginning Revenues Cost of Goods Available Inventory, Ending Cost of Goods Sold Gross Profit Gain (loss) due to Market Fluctuations of Inventory (b) Your answer is partially correct. Try again. Prepare the journal entry required to establish the valuation account at January 31 and entries to adjust it monthly thereafter. manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 Feb. 28 ww Mar. 31 Apr. 30