question and required

Chapter 5 Accounting for Merchandising Operations KC Antiques' supplementary reconds for 2011 reveal the following itemized costs for me 1. Use the supplementary records to compute the total cost of merchandise purchases for 2011. 2. Prepare a 2011 multiple-step income statement. (Inventory at December 31,2010 , is $70,100.) 3. Prepare a single-step income statement for 2011. 4. Prepare closing entries for KC Antiques at December 31, 2011. 5. Compute the acid-test ratio and the gross margin ratio. Explain the meaning of each ratio and inter them for KC Antiques