Barkley Company?s adjusted trial balance on March 31, 2018, its fiscal year-end, follows. On March 31, 2017,

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Barkley Company?s adjusted trial balance on March 31, 2018, its fiscal year-end, follows.

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On March 31, 2017, merchandise inventory was $37,500. Supplementary records of merchandising activities for the year ended March 31, 2018, reveal the following itemized costs.

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Required

1. Compute the company?s net sales for the year.

2. Compute the company?s total cost of merchandise purchased for the year.

3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and 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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