Problem Valley Company's adjusted trial balance on August 31, 2017, Its fiscal year-end, follows. Merchandise Ornonto $ 41,000 130.400 Total 8,000 225.500 Renderings OM S .. . Seles descounts Sules Turns and allow Cost of goods sold. Sales sales expense. Rent expense-Segree Store.pplies expenses Movering Orice sales expert Rent expense-Otice Orice supplies expense . Locats. 2.30 12.000 74.500 $2,000 3.000 1.500 13.000 28,500 On August 31, 2016, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. Inice cost of chance purchases Purchases scounts received Purchases return and wances Costs of transportation 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