Selected accounts and other information from the records of Calderone Company for the year ended December 31 follow: Merchandise inventory, January 1 Merchandise inventory, December 31 Sales returns and allowances store supplies expense $ 22,000 24,000 1,400 3,400 Sales salaries expense 32,000 Sales Purchases 226,000 54,000 Rent expense 39,000 Sales commissions expense 5,000 Freight in 1,900 Purchases discounts 600 Depreciation expense-office equipment 3,400 Depreciation expense-store equipment 6,400 Utilities expense 8,800 office salaries expense 25,800 Interest expense Interest income 800 1,600 1. Compute the following items that would appear on a classified income statement. The company combines both selling and general and administrative expenses into a single line, Operating Expenses. a Net sales a. Net sales b. Cost of goods sold c. Gross profit d. Operating expenses e. Net income from operations f. Other income, net g. Net income for year 2. Prepare a summarized income statement for Calderone Company for the current year. 3. Compute the following ratios: a. Gross profit percentage b. Inventory turnover Compute the following items that would appear on a classified income statement. The company combines both selling and general and administrative expenses into a single line, Operating Expenses. a. Net sales $ 224,600 b. Cost of goods sold c. Gross profit d. Operating expenses Net income from operations f. Other income, net g. Net income for year CALDERONE COMPANY Income Statement Year Ended December 31, 20X1 $ 0 0 0 Compute the ratio for gross profit percentage. Choose Numerator Gross Profit Percentage Choose Denominator Gross Profit Percentage 0 Compute the ratio for inventory turnover. Inventory Turnover Choose Numerator Choose Denominator Inventory Turnover