1. Multi-step income statements: Gross profit Aa Aa A multiple-step income statement groups the business's revenues and expenses into several related sections and subsections. On January 1, 2013, Weiss Inc. had merchandise inventory of $159,600. During 2013, the company bought merchandise for $694,430. However, the company also returned $26,940 of inventory because of defective products and received discounts of $20,375 for paying its suppliers early for some purchases. In addition, Weiss incurred freight costs of $30,850 for the merchandise it purchased. Weiss Inc. uses a periodic inventory system, and a physical inventory count reveals that $168,460 of merchandise inventory is on hand at year-end. In the following table, calculate the key metrics regarding Weiss's merchandise purchases in 2013, including net purchases, cost of merchandise purchased (delivered cost of net purchases), and cost of merchandise sold. Net purchases Cost of merchandise purchased Cost of merchandise sold In 2013, Weiss had total sales of $944,500. However, the company granted $60,890 of returns and allowances to customers for damaged and defective merchandise, and it granted $66,840 in discounts for early payment by customers Use this information and the cost of merchandise sold that you previously calculated to construct the revenue from the sales portion of Weiss's annual income statement. Include the cost of merchandise sold and calculate the company's gross profit