Exercise 4 - Periodic Inventory System - Jim Small Clothing Company Listed below are the account balances for the Jim Small Clothing Company. This company uses the perpetual inventory system. Accounts Payable 11,200 Merchandise Inventory, January 1, 2019 64,500 Accounts Receivable 7,600 Miscellaneous Expense 1,100 Accumulated Depreciation - Building 76,000 Notes Payable 77,500 Accumulated Depreciation - Equipment 54,400 Prepaid Rent 4,700 Building 90,000 Purchase Discounts 900 Cash 20,700 Purchase Returns 1,150 Depreciation Expense 20,000 Purchases 78,100 Equipment 64,500 Salaries Expense 54,600 Freight In 1,000 Salaries Payable 9,600 Freight Out 1,200 Sales Discount 350 Insurance Expense 2,900 Sales Returns and Allowances 1,050 J. Small, Capital January 1 22,500 Sales 210,000 J. Small, Drawings 19,500 Supplies Expense 3.450 Land 22,000 Supplies 6,000 Merchandise Inventory, December 31, 2019 72,400 InstructionsPrepare a Multiple Step Income Statement (there will not be any Other Revenues or Other Expenses on this Income Statement). hi Prepare the closing entries. Prepare a post-closing trial balance. d) Calculate the Inventory Turnover, Days in Inventory, Gross Profit Margin, and Profit Margin