ork Seved Valley Company's adjusted trial balance on August 31, 2017, ts fiscal year-end, folows DelfE Credit Merchandise imventory Other (noninventory) assets Total liabiities Comon stoeh $ 30,500 122,000 $ as, 228 10.000 93,147 Retained earnings Dividends Sales Sales discounts 3ales returns and allovances Cost of goods sold 3ales salaries expense Rent expense-Selling space 3tore supplies expense dvertising expense office salaries expense Rent expense-Office space Office supplies expense 8,000 208, 620 a.192 13,769 81,497 28.581 9,805 2,502 17,733 26.078 2.503 834 Totals $346,995 $246,995 On August 31, 2016, merchandise Inventory was $24,614. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs Inveice coss of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of tansportation-in s89,670 1,883 4,304 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 categorles: cost of goods sold, selling expenses, and general and administrative expenses Complete this questions by entering your answers in the below tabs. Reguired 4 Required 3 Required 2 Required 1 Next 2 or 2