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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. Prepare a single-step income statement that includes these expense categories: cost of goods so general and administrative expenses. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Cost of Merchandise Purchased } \\ \hline Invoice cost of merchandise purchased \\ \hline Purchases discounts received \\ \hline Purchases returns and allowances \\ \hline Costs of transportation-in & \\ \hline Total cost of merchandise purchased & \\ \hline \end{tabular} Required 1 Required 3 > \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Net Sales } & \\ \hline Sales & \\ \hline & & \\ \hline Net sales & \\ \hline \end{tabular} Use the following information for the Problems below. [The following information applies to the questions displayed below.] Valley Company's adjusted account balances from its general ledger 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. Beginning merchandise inventory was $32,684. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs