The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Merchandise inventory Other assets Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense Totals Debit Credit $ 1,900 50,000 $ 46, 340 37,825 4,000 200 106,400 8,500 1, 225 44,500 2,650 1,000 5,550 18,800 10, 200 4,200 10,000 23,000 8,600 3,940 $194,415 $194,415 A physical count shows that the cost of the ending inventory is $13,600. Required: 1. Calculate the company's net sales for the year. Net sales 2. Calculate the company's cost of goods purchased for the year. Cost of goods purchased 3. Calculate the company's cost of goods sold for the year. Cost of goods sold 4. Present a multiple-step income statement that lists the company's net sales, cost of goods sold, and gross profit from sales. MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 Operating expenses: Total operating expenses 0 $ 16,765 Other revenues and expenses: 5. Present a condensed single-step income statement that lists these expenses: cost of goods sold, selling expenses, and general and administrative expenses. MENDELSTEIN COMPANY Income Statement For Year Ended October 31, 2020 Revenues Total revenues $ 0 Expenses Total expenses