Credit $ 47,933 136,056 283,860 Debit Merchandise inventory (ending) $ 41,500 Other (noninventory) assets 166,000 Total liabilities K. Valley, Capital K. Valley, Withdrawals 8,000 Sales Sales discounts 4,343 Sales returns and allowances 18,735 Cost of goods sold 109,483 Sales salaries expense 38,889 Rent expense-Selling space 13, 341 Store supplies expense 3,406 Advertising expense 24,128 Office salaries expense 35,483 Rent expense-Office space 3,406 Office supplies expense 1,135 Totals $ 467,849 $ 467,849 Beginning merchandise inventory was $33,491. 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 $122,010 2,562 5,856 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 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. Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses