Check my 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. Credit $ 49,665 57,883 82,659 294,120 Debit Merchandise inventory (ending) $ 43,000 Other (noninventory) assets 172,000 Total liabilities Common stock Retained earnings Dividends 8,000 Sales Sales discounts 4,500 Sales returns and allowances 19,412 Cost of goods sold 113,298 Sales salaries expense 40,294 Rent expense-Selling space 13,824 Store supplies expense 3,529 Advertising expense 25,000 Office salaries expense 36, 765 Rent expense-Office space 3,529 Office supplies expense 1,176 Totals $484,327 $484,327 Beginning merchandise inventory was $34,701. 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 $126, 420 2,655 6,068 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