Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4 The following information applies to the questions displayed below.J Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows. Debit $ 33,500 134,000 Credit Merchandise inventory 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 $ 38,693 5,095 67,029 8,000 229,140 3,506 15,123 89,129 31,392 10,770 2,750 19,477 28,643 2,750 917 Totals 379,957 379,957 On August 31, 2014, merchandise inventory was $27,035. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs. Invoice cost of merchandise purchases Purchase discounts received Purchase returns and allowances Costs of transportation-in $ 98,490 2,068 4,728 3,900 Problem 4-3A Part 1 Required: 1. Compute the company's net sales for the year. Net sales Problem 4-3A Part 2 2. Compute the company's total cost of merchandise purchased for the year. Total cost of merchandise purchased Problem 4-3A Part 3 3. Prepare a multiple-step income statement that includes separate categories for selling expenses and for general and administrative expenses. VALLEY COMPANY ncome Statement For Year Ended August 31, 2015 Expense Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses Problem 4-3A Part 4 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 ncome Statement For Year Ended August 31, 2015 Expenses Total expenses