Required

1.

ParkplaceVideos uses the perpetual inventory system. Prepare the business's multi-step income statement for the year ended December31, 2020.

2.

Compute the rate of inventory turnover for the year. The inventory balance on December31, 2019, was $33,000 and on December31, 2020, was $42,000. Last year the turnover rate was 4.65 times. Does thistwo-year trend suggest improvement or deterioration in inventoryturnover?

3.

Compute the gross marginpercentage, and compare it with lastyear's value of 42.18 percent for ParkplaceVideos. Does thistwo-year trend suggest better or worse profitability during the currentyear?

Selected amounts from the accounti 0 (Click the icon to view the ace Required 1. Parkplace Videos uses the perp 2. Compute the rate of inventory tu year the turnover rate was 4.65 I 3. Compute the gross margin perc worse protability during the cu Inc. For the Year En Less: Net sales revenue 0 Accounting records Sales Revenue Interest Revenue Income Summary 299.000 2,800 301,800 December 31, 2020. her 31, 2020, was $42,000. Last 0-year trend suggest better or Income Summary Cost of Goods Sold Sales Discounts Sales Returns and Allowances Selling Expenses General Expenses 270,100 195,000 9,000 4,800 38,300 23,000 Operating expenses Choose from any list or enter any Income Summary B. White, Capital 31,700 B. White, Capital E. White, Withdrawals 38,000 Requirement 1. Parkplaoe Videos uses the perpetual inventory system. Prepare the business's mum-step income statement for the year ended December 31, 2020. Begin with the heading, and then complete the body of the statement, one section at a time, as presented. Parkplaoe Videos I Income Statement For the Year Ended December 31, 2020 Less: E' I: Net sales revenue Operating expenses Other revenue Choose from any list or enter any number in the input fields and then continue to the next question. Selected amounts from the accounting records of Parkplace Videos for the year ended December 31, 2020, follow. 0 (Click the icon to View the accounting records.) Required 1. Parkplaoe Videos uses the perpetual inventory system. Prepare the business's multi-step income statement for the year ended December 31, 2020. 2. Compute the rate of inventory turnover for the year, The inventory balance on December 31, 2019, was $33,000 and on December 31, 2020, was $42,000. Last year the turnover rate was 4.65 times. Does this twoyear trend suggest improvement or deterioration in inventory turnover? 3. Compute the gross margin percentage, and compare it with last year's value of 42.18 percent for Parkplace Videos. Does this two-year trend suggest better or worse protability during the current year? ir Operating expenses Other revenue Net income Requlrement 2. Compute the rate of inventory turnover for the year. The inventory balance on December 31, 2019, was $33,000 and on December 31, 2020, was $42,000. Last year the turnover rate was 4.65 times. Does this two-year trend suggest improvement or deterioration in inventory turnover! (Round the Inventory turnover ratlo to two decimal places, X.XX.) The rate of inventory tumover for the year is When compared to last year's inventory turnover of 4.65 times, this year's inventory turnover rate V improvement because this year's inventory turnover is {1 last yeafs. Requirement 3. Compute the gross margin percentage, and compare it with last year's value of 42.16 percent for Parkplace Videos. Does this two-year trend suggest better or worse protability during the current year? (Enter the gross margin percentage as a percentage rounded to two decimal places, X.XX%.) Gross margin percentage = % When compared to last year's gross margin percentage of 42.18 percent, this year's gross margin percentage V improvement because this year's gross margin percentage is V last year's. Choose from any list or enter any number in the input fields and then continue to the next