1. compute the companys net sales for the year

2. compute the companys total cost of merchandise purchased for year

3. prepare multiple step income statement

4. prepare single step income statement

Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense--selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) $ 39,500 Other (noninventory) assets 158,000 Total liabilities $ 45,623 Common stock 53,171 Retained earnings 76,902 Dividends 8,000 Sales 270,180 Sales discounts 4,134 Sales returns and allowances 17,832 Cost of goods sold 104,394 Sales salaries expense 37,015 Rent expense-Selling space 12,698 Store supplies expense 3,242 Advertising expense 22,965 office salaries expense 33,773 Rent expense-office space 3,242 Office supplies expense 1,081 Totals $445,876 $445,876 Beginning merchandise inventory was $31,877. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $116,130 2,439 5,574 3,900 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. Complete this question by entering your answers in the tabs below