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 1 Required 2 Required 3 Required 4 ............ Compute the company's net sales for the year. Net Sales $ 280,440 Sales Less: Sales returns and allowances Less: Sales discounts 18,509 4,291 Net sales $ 257,640 Compute the company's total cost of merchandise purchased for the year. 120,540 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 5,786 3,900 VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses