Question 1 [50 points] Velor Inc. showed the following adjusted trial balance at December 31, 2014 (Velor Inc.'s first year-end). The merchandise inventory has been calculated by the Weighted Average method. Use this information to complete the following: Velor Inc. Trial Balance December 31, 2014 a) Calculate the merchandise inventory value at December 31, 2014: Merchandise inventory, December 31, 2013 163,600 Purchases 155,900 Merchandise inventory, December 31, 2014. Cost of goods sold. 137,500 Debit Credit 16,000 17,500 357.500 55,500 b) Prepare a multiple-step income statement for the year ended December 31, 2014: (select one) Income Statement (select one) 137,500 16.000 17,500 3,300 Accumulated depreciation, office furniture Accumulated depreciation, store equipment Bonds payable (due January 31, 2018) Commissions earned.. Cost of goods sold Depreciation expense, office furniture Depreciation expense, store equipment Income taxes expense Income taxes payable Insurance expense Interest expense Interest receivable Long-term notes payable. Long-term investment in shares Merchandise inventory 3,300 IT + + + 30,500 20,500 5,000 xx 388,000 127,000 ??? c) Prepare a classified balance sheet at December 31, 2014: (select one) Income Statement (select one) + + + XXX || Cost of goods sold. Depreciation expense, office furniture Depreciation expense, store equipment Income taxes expense Income taxes payable. Insurance expense Interest expense Interest receivable Long-term notes payable Long-term investment in shares Merchandise inventory Office furniture Office salaries expense Patents Property taxes payable Rent expense, office space Rent expense, selling space Sales Sales discounts Sales returns and allowances Sales salaries expense Share capital Store equipment Trademark Unearned revenue Totals 137,500 16,000 17,500 3,300 3,300 30,500 20,500 5,000 388,000 127,000 ??? 630,500 159,500 59.500 111,500 100,000 103,500 705,500 16,000 8,500 140,500 140,500 114,000 37,500 113,500 1,908,800 1,908,800 c) Prepare a classified balance sheet at December 31, 2014: (select one) Balance Sheet (select one) X X X X