Barkley Companys adjusted trial balance on March 31, 2017, its fiscal year-end, follows.

	Debit	Credit
Merchandise inventory	$ 56,500
Other (noninventory) assets	202,600
Total liabilities		$ 42,500
Common stock		10,000
Retained earnings		154,425
Dividends	3,000
Sales		332,650
Sales discounts	5,875
Sales returns and allowances	20,000
Cost of goods sold	115,600
Sales salaries expense	44,500
Rent expenseSelling space	16,000
Store supplies expense	3,850
Advertising expense	26,000
Office salaries expense	40,750
Rent expenseOffice space	3,800
Office supplies expense	1,100
Totals	$539,575	$539,575

On March 31, 2016, merchandise inventory was $37,500. Supplementary records of merchandising activities for the year ended March 31, 2017, reveal the following itemized costs.

Invoice cost of merchandise purchases	$138,500
Purchases discounts received	2,950
Purchases returns and allowances	6,700
Costs of transportation-in	5,750

Required

Compute the companys net sales for the year.

Compute the companys total cost of merchandise purchased for the year.

Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.

Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses.

Check (2) $134,600 (3) Gross profit, $191,175; Net income, $55,175 (4) Total expenses, $251,600