The following closing entries for Fox Fixtures Co. were made on March 31, 2014, the end of its annual accounting period:

Required
Use the information in the closing entries to prepare:
a. A calculation of net sales.
c. A calculation of cost of goods sold.
b. A calculation of cost of goods purchased.
d. A multiple-step income statement for the year.

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Interest Revenue Merchandise Inventory Sales Purchase Returns and Allowances Purchase Discounts 1,200 8,500 445,000 22,000 5,300 482,000 Income Summary To close temporary accounts with credit balances and record the ending inventory Income Summary 438,400 Merchandise Inventory Sales Returns and Allowances Sales Discounts Purchas Transportation-In Selling Expenses General and Administrative Expenses 17,000 25,000 4,100 281,000 8,800 69,000 33,500 To close temporary accounts with debit balances and to remove the beginning inventory balance