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 Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Debit $ 36,000 Credit 144,000 $ 41,580 71,141 Retained earnings 48,460 Dividends 8,000 Sales 246,240 Sales discounts 3,767 Sales returns and allowances 16,252 Cost of goods sold 95,489 Sales salaries expense 33,735 Rent expense-Selling space 11,573 Store supplies expense 2,955 Advertising expense 20,930 office salaries expense Rent expense-office space Office supplies expense Totals 30,780 2,955 985 $407,421 $407,421 Beginning merchandise inventory was $29,052 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 $ 105,840 2,223 5,080 3,980 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, sel expenses, and general and administrative expenses 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expe and general and administrative expenses Complete this question by entering your answers in the tabs below. Required 1 Required 3 Required 2 Required 4 Compute the company's net sales for the year. Sales Net sales Net Sales Required 2>