Favorites AMALGAMATED - Google Search Inbox7 Graded homework #5 6 Saved Help Save & Exit Su The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Merchandise inventory Other assets Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space office supplies expense Totals Debit Credit $ 1,250 37,000 $ 33,340 37,240 2,700 135 93,400 7,200 1,095 43,200 2,000 870 4.900 17,500 8,900 2,900 8,700 21,700 7,300 2,640 $166,985 $166,985 A physical count shows that the cost of the ending Inventory is $12,300. Required: 1. Calculate the company's net sales for the year. Net sales $ 85,105 2 of 12 Prev Next > Saved Doogle Search who he 2. Calculate the company's cost of goods purchased for the year. Help Save & Ext 2 Subm Cost of goods purchased $ 1,250 rin 3. Calculate the company's cost of goods sold for the year, rences Cost of goods sold $ 11,050 4. Present a multiple-step Income statement that lists the company's net sales, cost of goods sold, and gross profit from sales, MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 Not Sales Cost of goods sold $ 35.105 11.050 Gross profit from salos $ 74,055