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The following amounts appeared on the Mendelstein Company's adjusted triat balance as of October 31, 2020, the end of its fiscal year Merchandise inventory Other assets Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense Totals Debit Credit $ 1,450 41,000 $ 37,340 37,420 3,180 155 97,400 7,600 1,135 43,680 2,200 910 5,100 17,9ee 9, 30e 3,300 9,180 22,100 7,700 3,648 $175,425 $175,425 A physical count shows that the cost of the ending inventory is $12,700 Required: 1. Calculate the company's net sales for the year Notales 2. Calculate the company's cost of goods purchased for the year. Cost of goods purchased 3. Calculate the company's cost of goods sold for the year, Cost of goods sold 4. Present a multiple-step income statement that lists the company's net sales, cost of goods sold, and gross profit from sales. MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 Operating expenses 5. Present a condensed single-step income statement that lists these expenses cost of goods sold, selling expenses, and general and administrative expenses MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 Revenues 0 Total revenues Exponses 0 Total expenses

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