1 Valley Company's adjusted trial balance on August 31, is fiscal year-end, follows. It categorizes the following accounts as seling expenses sales salartes expenseront expense-coling space, store supplies expense, and advertising expense. It categortzes the remaining expenses as general and administrative Credit $ 41.000 130,400 $ 25,000 10,000 94,550 ok 8,00 225,600 2,250 Merchandise inventory (ending) Other (noninventory) assets Total abilities Common stock Retained earnings Dividends Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Orice salaries expense Rent expense-office space Office Supplies expense Totals 12.000 74,500 32.00 13.00 1,500 28,500 3.60 $355,150 $ 155,150 Beginning merchandise inventory was $25,400. Supplementary records of merchandising acties for the year ended August 31 reveal the following itemized costs Twoice costut erhandise purchases Purchases discounts received Costs of transportation $9200 2.600 4.500 4.600 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-te income statement that is certe categories for her cost of goods decenas no general and administratives 4. Prepare a single income statement that includes these sente aragones cost of goods ances. In genom and administrative expenses