1. Compute the companys net sales for the year.

2.Compute the total cost of merchandise purchased for the year.

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

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

[The following information applies to the questions displayed below Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows. eblt Credit Merchandise Inventory Other (noninventory) assets Total Ilabilities Common stock Retained earnings Dividends Sales Sales discounts 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 $ 42,500 170,000 $ 49,088 57,210 81,838 8,000 290,700 4.448 19,186 112,026 39,826 13,663 3,488 24,710 36,338 3,488 1,163 Totals $478836 $478.836