elected amounts from the accounting records of Patterson Convenience Stores for the year ended December 31, 2020, follow (Click the icon to view the accounting records) Required 1. Patterson Convenience Stores uses the perpetual inventory system Prepare the business's mut step income statement for the year ended December 31, 2020 2. Compute the rate of invertory turnover t the year. The inventory balance on December 31, 2019, was $31,000 and on December 31, 2020, was $40,000 Last year the tuner rete was 4.30 Desh two are suppor detenonation in inventory turnover? 3. Compute the gross marge percentage, and compare & with last year's value of 47.67 percent for Patterson Convenience Stores. Does this two year trend suggest better or worse profitability during the current year? Requirement 1. Patterson Convenience Stores uses the perpetual inventory system Prepare the busness's map income statement for the year ended December 31, 2020 Begin with the heading and then complete the body of the statement, one section at a time, an presented Liss Net ses revenue Operating expenses Time Remaining 0057-12 Next