5-8 The following accounts and balances are taken from the year-end adjusted trial balance of the Vintage Shop, a single proprietorship. Use the information in these columns to complete the requirements. Debit Credit Merchandise inventory $ 28,000 Sales $425,000 Sales returns and allowances 16,500 Sales discounts 4,000 Purchases 240,000 Purchases returns and allowances 18,000 Purchases discounts 2,000 Transportation in 6,000 Selling expenses 35,000 General and administrative expenses 95,000 The count of the ending inventory shows that its cost is $37,000. Required a. Calculate the company's net sales for the year. b. Calculate the company's cost of goods purchased for the year. c. Calculate the company's cost of goods sold for the year. d. Prepare a multiple-step income statement for the year that lists net sales, cost of goods sold, gross profit, the operating expenses, and net income. 5-9 Use the information provided in Exercise 5-8 to prepare a classified income statement that shows the calculations of net sales and cost of goods sold