Barkley Company?s adjusted trial balance on March 31, 2018, its fiscal year-end, follows.

On March 31, 2017, merchandise inventory was $37,500. Supplementary records of merchandising activities for the year ended March 31, 2018, reveal the following itemized costs.

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 Merchandise inventory... 202,600 Other (noninventory) assets. $ 42,500 Total liabilities.... Common stock ... Retained earnings. 10,000 154,425 Dividends 3,000 Sales .... 332,650 Sales discounts... 5,875 Sales returns and allowances 20,000 Cost of goods sold ... Sales salaries expense.. Rent expense-Selling space.. 115,600 44,500 16,000 Store supplies expense. 3,850 Advertising expense.. Office salaries expense 26,000 40,750 Rent expense-Office space Office supplies expense.. 3,800 1,100 $539,575 $539,575 Totals..... Invoice cost of merchandise purchases .. Purchases discounts received.... Purchases returns and allowances. Costs of transportation-in... $138,500 2,950 6,700 5,750