Barkley Company’s adjusted trial balance on March 31, 2008, its fiscal year-end, follows.

On March 31, 2008, merchandise inventory was \($56,500.\)
Required 

1. Calculate the company’s net sales for the year.
2. Calculate the company’s total cost of merchandise available for sale.
3. Compute gross profit.
4. Compute net income.

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Debit Credit Merchandise inventory. March 31, 2007 Other (noninventory) assets Total liabilities $ 37,500 C. Barkley, Capital 202,600 $ 42,500 164,425 C. Barkley, Withdrawals 3,000 Sales 332,650 Sales discounts 5.875 Sales returns and allowances 20,000 Purchases 138,500 Purchase discounts 2,950 Purchase returns and allowances 6,700 Transportation-In 5,750 Sales salaries expense 44,500 Rent expense-Selling space 16,000 Store supplies expense. 3,850 Advertising expense.. 26.000 Office salaries expense 40,750 Rent expense-Office space 3,800 Office supplies expense 1,100 Totals $549,225 $549,225