Link Back to Chapter 5 (Merchandiser's Income Statement and Balance Sheet). Gap Inc., uses a perpetual inventory system and the FIFO method to determine the cost of its inventory. During a recent year. Gap reported the following items (as adapted) in its financial statements (amounts in millions): ^m Chapter 9 Cost of goods sold S 6,775 Long-term liabilities 1,203 Net sales revenue 1 1,635 Other assets 276 Other expenses 3,733 Owners' equity $ ? Property, plant, and equipment, net 2,715 Total current assets 2,198 Total current liabilities 1,753 Required 1. Prepare Gap's single-step income statement for the year ended January 29, 20X0, com- plete with a heading. 2. Prepare Gap's balance sheet at January 29, 20X0, complete with a heading.