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Help The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year Sa 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 $1,400 40,000 $36,340 37,375 3,000 150 96,400 7,500 1,125 43,500 2,150 900 5,050 17,800 9, 200 3,200 9,800 22,000 7,600 2.949 $173,315 5173, 315 A physical count shows that the cost of the ending inventory is $12,600 A physical count shows that the cost of the ending inventory is $12,600. Required: 1. Calculate the company's net sales for the year. Net sales 2. Calculate the company's cost of goods purchased for the year. Cost of goods purchased COFIwon er 5 - Graded homework #5 A Savod 3. Calculate the company's cost of goods sold for the year. Cost of goods sold ces inmont that list the company's net sales cost of goods sold, uue onework #5 saved 4. Present a multiple step income statement that lists the company's net sales, cost of goods sold, and gross profit from sales Help Save & Exit Submit 2 MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 5 points Pri Operating expenses References Total operating expenses 5 18.265 Other revenues and expenses 2 5. Present a condensed single-step income statement that lists these expenses, cost of goods sold, selling expenses, and general and administrative expenses MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 Revenues Print sterences s 0 Total revenues Expenses 0 Total expenses