Barkley Company's adjusted trial balance on March 31, 2016, its fiscal year-end, follows.

On March 31, 2015, merchandise inventory was $37,500. Supplementary records of merchandising activities for the year ended March 31, 2016, 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. Compute the company's net sales for the year.
2. Compute the company's total cost of merchandise purchased for the year.
3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and 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 $ 56,500 ealE_.... Common stock $42,500 10,000 154,425 ,000 332,650 cales-. Sales discounts Sales returns and allowances. Cost of goods sold 5,875 20,000 115,600 16,000 3,850 26,000 40,750 3,800 1,100 Wsas . .. Rent expense-Office space Totals