Question 3: Prepare the multiple-step income statement for the Tardis Co. by using following data at the end of Dec. 31, 2019 28 500 27.000 121.600 25.000 12.300 260.000 19.500 50.000 | Accounts payable Accounts receivable Accumulated depreciation-building Accumulated depreciation-store equipment Advertising expense Building Cash Common stock Cost of goods sold Depreciation expense-building Depreciation expense-store equipment Dividends Gain on disposal of store equipment Interest expense Merchandise inventory, Dec. 31, 2019 Office Salaries expense Office supplies Office supplies expense Rent expense-store Retained earnings Salaries payable Sales Sales discounts Sales returns and allowances Sales salaries expense Store equioment 24.000 16.000 42.500 3.000 1.000 38.000 18.000 1.200 3.500 2.500 119.900 10.000 450.000 8.000 24.500 20.000 80.000 December 31, 2018, merchandise inventory was $27,882. Supplementary records of merchandising activities for the year ended December 31, 2019, reveal the following itemized costs. $ Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in 230.908 3.760 8.230 1.200 Question 2: The following is information for Galiifrey Co. Cost of goods sold Ending inventory Year 1 $366,300 94,000 Year 2 $401,650 89,250 Year 3 $618,825 98,900 Required: 1- Use the above information to compute inventory turnover for year 2 and year 3, and its average number of days' sales in inventory on hand for year 2 and year 3.. 2- Assess the company's performance for year 2 and year 3 if competitors average 5.6 times for inventory turnover and 72 days for days' sales in inventory