roblem 5-3A Computing merchandising amounts and formatting income Valley Company's adusted tmal balance on August 31,2017, is fiscal year end follows Merchandise inventory Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrauals 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 31,000 124,000 $ 35,805 104,641 8,000 3,244 212 13,995 82,768 n0 049 966 2,544 18,023 26,505 2,544 848 $352,486 $352,486 On August 31, 2016, merchandise inventory was $25,017 Supplementary records of merchandisi 31, 2017, reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in 5 91,140 1,914 4, 375 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 general and administrative expenses 4. Prepare a single-step income statement that includes these expense categories: cost of good and administrative expenses KPrev se Only Authorized for Tra