Required information [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. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 36,000 Other (non-inventory) assets 144,000 Total liabilities $ 41,580 X. Valley, Capital 119,601 K. Valley, withdrawals 8.000 Sales 246,240 Sales discounts 3,767 Sales returns and allowances 16,252 Cost of goods sold 95,489 Sales salaries expense 33,735 Rent expense-selling space 11,573 Store supplies expense 2.955 Advertising expenso 20,930 office salaries expense 30,780 Rent expense-office space 2.955 office supplies expense 985 Totals $ 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 purchases $ 105,840 Purchases discounts received 2,223 Purchases returns and allowances 5,080 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