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Calculate the company''s net sales for the year

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Reference no: EM13905297

Barkley Company's adjusted trial balance on March 31, 2013, its fiscal year end, follows.

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On March 31, 2012, merchandise inventory was $ 37,500. Supplementary records of merchandising activities for the year ended March 31, 2013, reveal the following itemized costs.
Invoice cost of merchandise purchases . . . . . . . . $ 138,500
Purchase discounts received . . . . . . . . . . . . . . . . . 2,950
Purchase returns and allowances . . . . . . . . . . . . . 6,700
Costs of transportation in . . . . . . . . . . . . . . . . . . 5,750

Required: 

1. Calculate the company's net sales for the year. 

2. Calculate the company's total cost of merchandise purchased for the year. 

3. Prepare a multiple step income statement that includes separate categories for selling expenses and for general and administrative expenses. 

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

Reference no: EM13905297

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