Check my work 4 Problem 5-3A Computing merchandising amounts and formatting income statements LO C2, P4 32 DOTS Valley Company's adjusted trial balance on August 31, iscal yewend, follows. It categories the following accounts as selling expenses sales salaries expense rent expenseseling space store supplied expense, advertising expense. It categorizes the remaning expenses as general and administrative 14. 41,00 1,106 0,00 213.20 Perchandise intory () other wentury) sett totalities K. Valley. Canal Valley. With Sales Sales discount Sale returned Cost of Sales ient expense espace Store per Advertising pense one starten Rent pense of office supplies Total . 10.02 14. 33.200 11.413 2014 20,64 30.05 2,914 5001,20 $401,920 4 Beginning merchandise inventory was $28,649. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of werchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $104,370 2.192 5,010 Boor Dint frences 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. Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Pro Mavi 4. Prepare a single-step income statement that includes these expense categones cost of goods sold, selling expenses, and general and administrative expenses. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Net Sales Sales Net sales Retired Required 2 > 4 and administrative expenses Complete this question by entering your answers in the tabs below. 32 points Required 1 Required 2 Required 3 Required 4 eBook Compute the company's total cost of merchandise purchased for the year. Print References Cost of Merchandise Purchased Invoice cost of merchandise purchased Purchase discounts received Purchase returns and allowances Costs of transportation in Total cost of merchandise purchased Required 1 Required 2 Required 3 Required 4 Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Xe Expense Selling expenses 4 Expertise Selling expenses 32 points eBook Print References Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses (Required 2 Required 4 > 4. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 32 points Prepare a single step income statement that includes these expense categories: cost of goods sold, selling expenses, general and administrative expenses. cBook Print VALLEY COMPANY Income Statement For Yoar Ended August 31 References Expenses Total expenses