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 $ $3,560$

Miscellaneous expense $915$

Transportation$-$out $2,230$

Sales $162,900$

Advertising expense $6,350$

Salaries expense $22,500$

Transportation$-$in $3,980$

Purchases $92,500$

Interest expense $265$

Merchandise inventory, January $111,500$

Rent expense $12,300$

Merchandise inventory, December $3111,000$

Purchase returns and allowances $2,160$

Loss on sale of land $3,160$

Utilities expense $1,880$

Required:

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

Prepare a multistep income statement.

Prepare a single$-$step income statement.