The following account titles and balances were taken from the adjusted trlal balance of KIng Company for Year $2.$ The company uses

the perlodic Inventory system.

Required:

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

b$.$ Prepare a multistep Income statement.

c$.$ Prepare a single$-$step Income statement.

Complete this question by entering your answers in the tabs below.

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

Note: Amounts to be deducted should be indicated with minus sign.