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Valley Company's adjusted trial balance 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, advertising expense. It categorizes the remaining expenses as general and administrative. Credit Debit 536,500 146,000 $ 42,158 121,098 3,000 249,660 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, withdrawal 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 3,826 16,478 96,761 34,203 11,734 2,996 21,221 31,200 2,996 999 $412,916 $412,916 Beginning merchandise inventory was $29,456. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases $107,310 Purchases discounts received 2.254 Purchases returns and allowances 5,153 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required Required 4 Compute the company's net sales for the year. Net Sales Sales Net sales Required 2 > Required 1 Required 2 Required 3 Required 4 Compute the company's total cost of merchandise purchased for the yean Cost of Merchandise Purchased Invoice cost of merchandise purchased Purchase discounts received Purchase returns and allowances Costs of transportation-in Total cost of merchandise purchased VALLEY COMPANY Income Statement For Year Ended August 31 Expense Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: co general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses