[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) 5 35,500 Other (non-inventory) assets 142,000 Total liabilities $ 41,003 K. Valley, Capital K. Valley, withdrawals 118,106 8,000 Sales 242,820 Sales discounts 3,715 Sales returns and allowances 16, 026 Cost of goods sold 94,217 Sales salaries expense 33,266 Rent expense-Selling space 11,413 Store supplies expense 2,914 Advertising expense 20,640 Office salaries expense 30, 353 Rent expense-Office space 2,914 Office supplies expense 971 Totals $ 401,929 $ 401,929 Beginning merchandise Inventory was $28,649. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases $ 104,370 2,192 Purchases discounts received Purchases returns and allowances 5,010 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