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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 upplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit $ 36,000 144,000 $ 41,580 48,460 71,141 8,000 246, 240 3,767 16, 252 95, 489 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense- Selling space Store supplies expense Advertising expense Office salaries expense Rent expense- office space Office supplies expense Totals 33,735 11,573 2,955 20,930 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 $105, 840 purchases Purchases discounts 2,223 received Purchases returns and 5,080 allowances Costs of transportation-in 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. Required Required Required Required 1 2 3 4 Compute the company's net sales for the year. Net Sales Sales Net sales Required Required Required Required 1 2 3 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 Required Required Required Required 1 2 3 4 Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 0 0 0 Expenses Selling expenses 0 Total selling expenses General and administrative expenses 0 Total general and administrative expenses Total expenses 0 Required Required Required Required 1 2 3 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 0