5-11A Income statement calculations and formats-periodic LO7 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 Interest income Sales Debit Credit $ 1,350 39,000 $ 35,340 37,330 Joe Mendelstein, withdrawals 2,900 145 95,400 Sales returns and allowances 7,400 Sales discounts 1,115 Purchases 43,400 Purchase returns and allowances 2,100 Purchase discounts 890 Transportation-in 5,000 Sales salaries expense 17,700 Rent expense, selling space 9,100 Store supplies expense 3,100 Advertising expense 8,900 office salaries expense 21,900 Rent expense, office space 7,500 office supplies expense 2,840 Totals $171,205 $171,205 A physical count shows that the cost of the ending inventory is $12,500. 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 13 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 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 Expenses Total expenses