DIENIS Help Save & Exit 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 $ 38,693 45,095 67,029 229, 140 Debit Merchandise inventory (ending) $ 33,500 Other (noninventory) assets 134,000 Total liabilities Common stock Retained earnings Dividends 8,000 Sales Sales discounts 3,506 Sales returns and allowances 15,123 Cost of goods sold 89,129 Sales salaries expense 31,392 Rent expense-Selling space 10, 770 Store supplies expense 2,750 Advertising expense 19,477 office salaries expense 28,643 Rent expense-office space 2,750 office supplies expense 917 Totals $379,957 $379,957 Dan 4 SWP og MacBook Pro "roblems Saved Help Save & Exit Check my Beginning merchandise inventory was $27,035. 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 $98, 490 2,068 4,728 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. Complete this question by entering your answers in the tabs below. A WEX0 9 MacBook Pro B 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. OOK Net Sales Fint Sales Net sales Required 2 > w Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the company's total cost of merchandise purchased for the year. Cost of Merchandise Purchased Invoice cost of merchandise purchased Purchases discounts received Purchases returns and allowances Costs of transportation-in Total cost of merchandise purchased Chapter 4 Problems Sarved 3 3.33 points Total selling expenses General and administrative expenses eBook Print Total general and administrative expenses Total expenses mo (20) Problems Save Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost of goods sold, sellir general and administrative expenses.. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses