please help answer questions 1, 2, and 3 on the first picture regarding the steps to take to fill out the income sheet and t-charts

Problems for Section 5B 5B-1. (This problem is similar to the summary problem provided al The Adjusted Trial Balance for TILFORD Merchandising Corporation for the month ending May 1 (prior to the COGS calculation) is presented below. The inventory value shown is from the beginning of the month. Inventory on hand 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? W IN (1115111ung giusS laigu). What Is We giU35 margin percentage? TILFORD MERCHANDISING CORPORATION Adjusted Trial Balance May 1, 20x1 Account Names Cash Accounts receivable Prepaid rent Inventory 1 9 Purchases Purchase discounts Purchase returns & allowances Salaries payable Common stock Retained earnings Sales revenue Sales returns Cost of goods sold Salary expense Rent expense Totals . Debit Credit Balances Balances $7,900 7,100 1,100 ,800 5,200 $1,900 2.400 800 1,700 7,700 19,800 1,800 900 500 $34,300 $34,300 Tilford Menhandising Corporation Income Statement penod ending May 1, soxl for the Gross Margin Percentage = Template for Problem 5B-1; Requirements 1 and 2 Cash Prepaid Rent Bal $1,100 Bal $1900 Accounts Receivable $1,100 Bal Purchases Inventory $9900 Purchase Discounts $1900 Beel Bal Bal $5200 Pur Returns & Allowances 12400 Bal Salaries Payable 1800 Bal Common Stock 11700 Bal Retained Earnings 1700 Bal Sales Revenue Sales Returns 19800 Bal Bal 1800 COGS Bal Salary Expense 900 Rent Expense 500 Income Summary