Frisco Company€™s adjusted trial balance on March 31, 2009, its fiscal year-end, follows.

On March 31, 2008, merchandise inventory was $27,841. Supplementary records of merchandising activities for the year ended March 31, 2009, reveal the following itemized costs.
Invoice cost of merchandise purchases . . . . . . . . $101,430
Purchase discounts received . . . . . . . . . . . . . . . . . 2,130
Purchase returns and allowances . . . . . . . . . . . . . 4,868
Costs of transportation-in . . . . . . . . . . . . . . . . . . . 3,900
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 administrative expenses.

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DebitCredit $34,500 Merchandise inventory Other (noninventory) assets138,000 Total liabilities $ 39,847 68.670 46,440 Retained earnings Dividends. ales.... 8,000 235,980 3,610 15,574 91,673 32,329 Sales returns and allowances.. Cost of goods sold Sales salaries expense.. Rent expense Selling space Store supplies expense . Advertising expense Office salaries expense... Rent expense-Office space Office supplies expense Totals 1,09 2,831 20,058 29,497 2,831 943 *..$390,937 $390,937