The following account titles and balances were taken from the adjusted trial balance of King Company for Year 2. The company uses the periodic inventory system.

Account Title	Balance
Sales returns and allowances	$ 3,540
Miscellaneous expense	910
Transportation-out	2,220
Sales	160,700
Advertising expense	6,300
Salaries expense	22,000
Transportation-in	3,920
Purchases	91,000
Interest expense	260
Merchandise inventory, January 1	11,400
Rent expense	12,200
Merchandise inventory, December 31	10,900
Purchase returns and allowances	2,140
Loss on sale of land	3,140
Utilities expense	1,870

Required:

Prepare a schedule to determine the amount of cost of goods sold.

Prepare a multistep income statement.

Prepare a single-step income statement.