The records of Farm Quality Steak Company list the following selected accounts for the quarter ended April 30, 2024: Merchandise inventory Notes Payable, long-term Net Sales Revenue Rent Expense Selling Salaries Expense (Administrativ Office Supplies Depreciation Expense Equipment Adm Utilities Expense (Admini Delivery Expence Selling $17,700 38.300 54.000 Aumulated Depreciation Equipment 37,700 30.000 5.380 25,000 2,000 Ca 7,100 4,300 Cast of Goods Sold 154,360 132,000 1,700 7,100 4.600 x Seng 6.000 1800 Units Expense deling 10,000 Requirements 1. Prepare a single-step income statement. 2. Prepare a multi-step income statement. 2. Operating Income $93,120 2. Operating Income $93,120 3. M. Doherty, manager of the company, strives to earn a gross profit percentage of at least 50%. Did Farm Quality achieve this goal? Show your calculations.