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5 of 8 The following information is for Monty Enterprises Ltd.: Jan 31 Feb. 28...

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Accounting

5 of 8 The following information is for Monty Enterprises Ltd.: Jan 31 Feb. 28 Mar. 31 Apr. 30 Inventory at cost $26,100 $25,500 $30,000 $23,500 Inventory at the lower of cost and net realizable value 25,100 17,900 23,600 17,600 Purchases for the month 20,000 24,300 27,200 Sales for the month 30,100 34,700 41,200 (b) Prepare the journal entry that is needed to establish the valuation account at January 31 and the entries to adjust it at the end each month after that. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no eni is required, select "No Entry" for the account titles and enter O for the amounts. List all debit

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