Hi there, Could you please answer this question relating to the information I have given

Question

1. Estimate the cost of inventory over the year
2. Please can you Prepare an income statement for the company for the year assuming that, in pricing goods for sale, the company adds a markup of 80 per cent on cost and that 90 per cent of the value of the inventory purchased during the year was sold.
3. Suggest three ways in which the company could refine its costing system to provide more useful information for managing its resources and creating value for its owners.

Partmate Pty Ltd is a retail business that sells car parts to customers who maintain their own cars. The company began business on 1 January and the acquisition of the inventory of car parts during the year involved the following amounts: Purchase price of merchandise $817 500 Goods and services tax on purchase of merchandise 81 750 Cost of inwards freight on merchandise 15 000 Trade discounts on merchandise 67 500 in addition to the cost of merchandise, the company incurred the following costs during the year. Cost Staff salaries: Purchasing staff $60 000 Sales staff 157 500 Delivery driver (part-time) 22 500 Rent 45 000 Equipment depreciation and insurance 7 500 Telephone 4 950 Computer software and hardware depreciation (inventory management system) 22 500 Data transfer (EDI order system) 9 000 Stationery and other consumables 4 500 Electricity 7 200