The following amounts appeared on the Mullen Company?s adjusted trial balance in alphabetical order as of November 30, 2020, the end of its fiscal year:

A physical count shows that the cost of the ending inventory is $6,100.

Required

1. Calculate the company?s net sales for the year.

2. Calculate the company?s cost of goods purchased for the year.

3. Calculate the company?s cost of goods sold for the year.

4. Present a multiple-step income statement (like Exhibit 5.16) that lists the company?s net sales, cost of goods sold, and gross profit, as well as the components and amounts of selling expenses and general and administrative expenses.

5. Present a single-step income statement (like Exhibit 5.17) that lists these expenses: cost of goods sold, selling expenses, general and administrative expenses, and interest expense.

Exhibit 5.16

Exhibit 5.17

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Debit Credit $ 3,000 Advertising expense. Interest expense. 350 $ 31,000 Liabilities. Merchandise inventory. 5,600 and Mitsy Mullen, capital. 113,800 Mitsy Mullen, withdrawals. 10,000 Other assets.. 144,650 Purchase discounts. 1,150 4,050 Purchase returns and allowances. Purchases. 120,000 Rent expense (75% selling). 38,000 Salaries expense (60% selling). 62,000 Sales 276,000 Sales discounts. 2,350 Sales returns and allowances. 28,500 Supplies expense (80% selling). 6,700 Transportation-in 4,850 $426,000 $426,000 Totals. Gross Profit Margin Net Sales – Cost of Goods Sold Net Sales