Problem 5-4A on page 219 in your textbook

One of your assigned homework problems this week is Problem 5-4A on page 219 in your textbook.Prepare your answer for this problem and then compare it to the posted solution under Course Contents.1. Which form of the income statement do you prefer – the multiple step or the single step? In your own words explain why.??2. Assume the ending inventory at August 31, 2013 is $30,000 rather than $41,000, based on a physical count taken at year-end. What is the significance of this difference? How would it affect the income statement???3. How would you explain costs of transportation-in vs customer delivery expenses???