$[$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$)$ $ $42,000$

Other $($non$-$inventory$)$ assets $168,000$

Total liabilities $ $48,510$

K$.$ Valley, Capital $137,550$

K$.$ Valley, Withdrawals $8,000$

Sales $287,280$

Sales discounts $4,395$

Sales returns and allowances $18,960$

Cost of goods sold $110,754$

Sales salaries expense $39,357$

Rent expense$$Selling space $13,502$

Store supplies expense $3,447$

Advertising expense $24,419$

Office salaries expense $35,910$

Rent expense$$Office space $3,447$

Office supplies expense $1,149$

Totals $ $473,340$ $ $473,340$

Beginning merchandise inventory was $$33,894.$ Supplementary records of merchandising activities for the year ended August $31$ reveal the following itemized costs.

Invoice cost of merchandise purchases $ $123,480$

Purchases discounts received $2,593$

Purchases returns and allowances $5,927$

Costs of transportation$-$in $3,900$

Required:

Compute the company$$s net sales for the year.

Compute the company$$s total cost of merchandise purchased for the year.

Prepare a multiple$-$step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses.

Prepare a single$-$step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses.