5B-1. (This problem is similar to the summary problem provided abo The Adjusted Trial Balance for TILFORD Merchandising Corporation o month ending May 1 (prior to the COGS calculation) is presented below for the inventory value shown is from the beginning of the month. Inventory on han at the end of May was $700. Required 1. Open the trial balance T-accounts and the income summary account and enter the beginning balances. Enter the ending balance for inventory 2. Make closing entries. Indicate the values of net revenue, net purchases, goods available for sale, and gross margin. Calculate the ending balance in each account. 3. Prepare the income statement (highlighting gross margin). What is the gross margin percentage? TILFORD MERCHANDISING CORPORATION Adjusted Trial Balance May 1, 20xl Debit Credit Balances Balances Account Names 3,800 1,.300 1100 3,400 7,000 as Accounts receivable Prepaid rent Inventory Purchases Purchase discounts Purchase returns & allowances Salaries payable Common stock Retained earnings S 1,000 2000 800 1,700 3,600 9,000 Sales revenue Sales returns 400 Cost of goods sold Salary expense Rent expense 600 500 Totals $18,100$18,100