Below is Felix Jones' adjusted trial balance for her company, Bend the Trend Clothing Co., at its fiscal year-end September 30, 2020, presented in alphabetical order: Bend the Trend Clothing Co. Adjusted Trial Balance 30-Sep-2020 Accounts Payable $1,000 Accounts Receivable $2,600 Accumulated Depreciation, Office Furniture 2,300 Advertising Expense 600 Allowance for Doubtful Accounts 700 Bad Debt Expense 500 Bank Loan 10,000 Cash 2,400 Cost of Goods Sold 145,800 Depreciation Expense, Office Furniture 6,900 Felix Jones, Capital 199,910 Felix Jones, Withdrawals 6,000 Insurance Expense 1.200 Interest Expense 800 Land 80,000 Gain on Sale of Land 3000 53,500 Merchandise Inventory Notes Receivable (due June 2021 Office Furniture Salaries Expense Sales Sales Discounts Sales Returns and Allowances 19,000 69,000 18.800 204.000 7.750 7.260 Macro TO MYNAIT ZAURICIONI Time left 1:53:5 pales 7,750 Sales Discounts 7,260 Sales Returns and Allowances 1,200 Unearned Revenue $422,110 $422,110 Totals Using the information provided: 1. Prepare a multiple-step income statement for Bend the Trend Clothing Co. (using proper formatting) for the year ended September 30, 2020 2. Calculate Bend the Trend Clothing Co.'s inventory turnover ratio using the balance on the adjusted trial balance. Merchandise inventory was $58,000 at September 30, 2019. 3. State whether the turnover is favorable or unfavorable with respect to Industry, assuming the industry inventory turnover ratio is 3.0