30 Paid Arod C fiscal year-end, follows. Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-e Debit Credit $ 41,000 130,400 Merchandise Inventory ... Other noninventory) assets.. Total abilities... Common stock.... Retained earnings .... $ 25,000 10,000 94.550 8,000 225,600 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....... Totals.............. 2,250 12,000 74,500 32,000 8,000 1,500 13,000 28,500 3,600 400 $355,150 $355,150 On August 31, 2016, merchandise inventory was $25,400. Supplementary records of merchandise activities for the year ended August 31, 2017, reveal the following itemized costs. Chapter 4 Accounting for Merchandising Operations Invoice cost of merchandise purchases Purchases discounts received... Purchases returns and allowances. Costs of transportation in ...... $92,000 2,000 4,500 4,600 Check 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, sell- ing expenses, and general and administrative expenses. $136,85 $49,850 $161,5 Proh