The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit Credit Merchandise inventory $1,650 Other assets 45,000 Liabilities $ 41,340 Joe Mendelstein, capital 37,600 Joe Mendelstein, withdrawals 3,500 Interest income 175 Sales 101,400 Sales returns and allowances 8,000 Sales discounts 1,175 Purchases 44,000 Purchase returns and allowances 2,400 Purchase discounts 950 Transportation-in 5,300 Sales salaries expense 18,300 Rent expense, selling space 9,700 Store supplies expense 3,700 Advertising expense 9,500 ortice salaries expense 22,500 Rent expense, office space B, 100 Office supplies expense 3,440 Total $285,665 203,665 A physical count shows that the cost of the ending inventory is $13,100. 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 $ 17,515 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 $ 0 Total revenues Expenses Total expenses 0