3rd Part of this

Required: Prepare a multiple-step income statement in good form for Marshals. (show work 12 marks) 3. A company's store was destroyed by a fire on February 10. The only information that could be salvaged included the following: (1) inventory, January 1: $34,000(2) Purchases: $118,000(3) Sales: $140,000 the company's gross profit rate was 30%. Required: Calculate the estimated value of the destroyed inventory (show work 8 marks)