Cora’s Computers uses the Periodic Inventory System and has a December 31st year-end. The company began the year with inventory with a cost of $18,600. When Cora’s staff counted inventory at December 31, inventory with a cost of $22,500 were on hand. The company also had the following account balances for the year (random order, all with normal balances):

Office Supplies Expense............... 4,700

Purchases ......................................$199,500

Sales Discounts .............................2,400

Advertising Expense .....................11,300

Interest Income .............................2,000

Freight In ........................................16,400

Freight Out .....................................12,200

Sales person Salaries ....................61,500

Sales Returns and Allowances ......10,200

Loss on Sale of PP&E ......................550 

Purchase Returns and Allowances.... 9,800

Sales Revenue ...............................325,000 

Purchase Discounts.......................1,800 

Management Salaries ...................19,800 

Required:

1) Prepare a Multi-Step Income Statement (full detail) for the year-ended December 31, 2020.

2) Calculate:

a) Gross Margin % 

b) Inventory Turnover 

c) Days in Inventory.