Selected amounts from the accounting records of PaulsonVideoSales for the year ended December?31, 2020?, follow.

Selected amounts from the accounting records of Paulson Video Sales for the year ended December 31, 2020, follow. i (Click the icon to view the accounting records.) Required 1. Paulson Video Sales uses the perpetual inventory system. Prepare the business's multi-step income statement for the year ended December 31, 2020. . Compute the rate of inventory turnover for the year. The inventory balance on December 31, 2019, was $43,000 and on December 31, 2020, was $46,000. Last year the turnover rate was 3.61 times. Does this two-year trend suggest improvement or inventory turnover? 3. Compute the gross margin percentage, and compare it with last year's value of 43.93 percent for Paulson Video Sales. Does this two-year trend suggest better or worse profitability during the current year? Requirement 1. Paulson Video Sales uses the perpetual inventory system. Prepare the business's multi-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. Paulson Video Sales i Accounting records - X Income Statement For the Year Ended December 31, 2020 Dec. 31 Sales Revenue 291,000 Less: Interest Revenue 3,400 Income Summary 294,400 Net sales revenue 31 Income Summary 265, 100 Cost of Goods Sold 185,000 Sales Discounts 9,000 Operating expenses Sales Returns and Allowances 4,300 Selling Expenses 37,800 General Expenses 29,000 31 Income Summary 29,300 Other revenue B. Fescue, Capital 29,300 31 B. Fescue, Capital 30,000 Net income B. Fescue, Withdrawals 30,000 Requirement 2. Compute the rate of inventory turnover for the year. The inventory b ear the turnover rate was 3.61 times. Does this two-year trend suggest imp deterioration in inventory turnover? (Round the inventory turnover ratio to two de Print DoneRequirement 2. Compute the rate of inventory turnover for the year. The inventory balance on December 31, 2019, was $43,000 and on December 31, 2020, was $46,000. Last year the turnover rate was 3.61 times. Does this two-year trend suggest improvement or deterioration in inventory turnover? (Round the inventory turnover ratio to two decimal places, X.XX.) The rate of inventory turnover for the year is When compared to last year's inventory turnover of 3.61 times, this year's inventory turnover rate improvement because this year's inventory turnover is last year's. Requirement 3. Compute the gross margin percentage, and compare it with last year's value of 4 ideo Sales. Does this two-year trend suggest better or worse profitability during the current year? (Enter the gross margin percentage as a percentage rounded to two decimal places, X.XX%.) suggests Gross margin percentage =% does not suggest When compared to last year's gross margin percentage of 43.93 percent, this year's gross margin percentage improvement because this year's gross margin percentage is last year's