Exercise 9-5 (Part Level Submission) Presented below is information related to Grouper Enterprises. Jan. 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $16,500 $16,610 $18,700 $15,400 Inventory at LCNRV 15,950 13,860 17,160 14,630 Purchases for the month 18,700 26,400 29,150 Sales for the month 31,900 38,500 44,000 Collapse question part (a) Partially correct answer. Your answer is partially correct. Try again. 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).)
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