P9-9B + Link Back to Chapter 5 (Merchandiser's Income Statement and Balance Sheet). Lands' End, Inc., uses a perpetual inventory system and the LIFO method to determine the cost of its inventory. During a recent year. Lands' End reported the following items (adapted) in its financial statements (amounts in millions): Cost of goods sold. Long-term liabilities Net sales revenue Other assets Other expenses. S 727 Interest revenue ST 9 Owners' equity... 1.320 Property, plant, & equipment. net 166 1 Total current assets. 289 Total current liabilities. 151 546 Required 1. Prepare o single-stc'ii income statement for Lands' End for the year ended January 28, 2000, comjilete with a heading. 2. Prepare the Lands' End balance sheet at January 28, 2000, complete with a heading.