XYZ Products, Selected Accounts from the Adjusted Trial Balance dated October 31, 2020 (for its year ended October 31, 2020). Sales $426,000 Sales returns 13,000 Inventory 28,902 Purchase discounts 2,370 Purchase returns 5,000 2,346 Transportation-in Jack Sildex, capital 2,800 CR Sales discounts 7,000 10,000 Depreciation expense Purchase allowances 4,000 Sales allowances 6,000 Purchases 246,000 Property tax expense 14,625 Store supplies expense 3,814 Wages expense 56,561 REQUIRED (NOTE THAT ALL ACCOUNTS HAVE THEIR NORMAL DEBIT OR CREDIT BALANCES): REQUIRED (NOTE THAT ALL ACCOUNTS HAVE THEIR NORMAL DEBIT OR CREDIT BALANCES): The inventory on hand at October 31, 2020 was $5,878. Part A. Using the PERIODIC SYSTEM, prepare ONLY the part of a classified, multiple-step Income Statement that includes the SALES, COST OF GOOD SOLD, and GROSS PROFIT sections (12 marks) Part B. Calculate the gross margin % (also known as the gross profit %) (2 marks). Part C. Prepare the first closing entry under the PERIODIC SYSTEM that closes the temporary accounts with credit balances and sets up ending inventory (5 marks) - NEED A DATE, but NO EXPLANATION REQUIRED Part D. Prepare the second closing entry under the PERIODIC SYSTEM that closes the temporary accounts with debit balances and removes beginning inventory (7 marks) - NEED A DATE, but NO EXPLANATION REQUIRED Part E. What is the net income for the year? (2 marks) - USE THE CLOSING ENTRIES TO CALCULATE THIS AMOUNT