Farm Quality Steak Company uses a perpetual inventory system. The records of Farm Quality Steak Company list the following selected accounts for the quarter ende April 30, 2018:

1. Prepare a single-step income statement.

Begin by completing the statement through the gross profit, then calculate operating income in the second step and net income in the final step. (Enter Selling Expenses before Administrative Expenses. Use a minus sign or parentheses to show other expenses. Abbreviation used: Eq. = Equipment.)

Farm Quality Steak Company uses a perpetual inventory system. The records of Farm Quality Steak Company list the following selected accounts for the quarler ende Apri 30,2018 . (Click the icon to view the accounts.) Read the reguirements. Requirement 1. Prepare a single-step income statement. (Abbreviaton used: EQ= Equipment.) Requirement 2. Prepare a mult-step income statement. Begin by completing the statement through the gross proft, then calculate operating income in the second step and net income in the final step. (Enter Selling Expenses Requirements 1. Prepare a single-step income statement. 2. Prepare a multi-step income statement. 3. M. Doherty, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Farm Quality achieve this goal? Show your calculations