The following account titles and balances were taken from the adjusted trial balance of King Co. for 2016. The company uses the periodic inventory system.

Account Title ..............Balance

Sales returns and allowances ........$3,500

Miscellaneous expense .......... 900

Transportation-out ............ 2,200

Sales ..................15,300

Advertising expense ............. 6,200

Salaries expense .............21,000

Transportation-in .............. 3,800

Purchases ................88,000

Interest expense .............. 250

Merchandise inventory, January 1 .....11,200

Rent expense ...............12,000

Merchandise inventory, December 31 ....10,700

Purchase returns and allowances ....... 2,100

Loss on sale of land ........... 3,100

Utilities expense ............ 1,850

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.