Barkley Company's adjusted trial balance on March 31, 2015, its fiscal year-end, follows.

On March 31, 2014, merchandise inventory was $37,500. Supplementary records of merchandising activities for the year ended March 31, 2015, reveal the following itemized costs.
Invoice cost of merchandise purchases . . . . . . . . $138,500
Purchase discounts received . . . . . . . . . . . . . . . . . 2,950
Purchase returns and allowances . . . . . . . . . . . . . 6,700
Costs of transportation-in . . . . . . . . . . . . . . . . . . 5,750
Required
1. Calculate the company's net sales for the year.
2. Calculate the company's total cost of merchandise purchased for the year.
3. Prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses.
4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses.

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Debit Credit Merchandise inventory.. Other (noninventory) assets Total liabilities C. Barkley, Capital . $56,500 202,600 $42,500 164,425 3,000 Sales.. Sales discounts Sales returns and allowances Cost of goods sold... Sales salaries expense Rent expense - Store supplies expense . . Advertising expense Office salaries expense Rent expense Office space Office supplies expense. Totals. 332,650 5,875 20,000 115,600 44,500 6,000 3,850 26,000 40,750 3,800 L100_ Selling space $539575 $539,575