Valley companies adjusted child balance on August 31, 2017, it's fiscal year-end, follows.

Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows, Credit Debit $ 33,500 134,000 $ 38,693 112, 124 8,000 229, 140 Merchandise inventory Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals 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 3,506 15, 123 89, 129 31,392 10,770 2,750 19,477 28,643 2,758 917 $379,957 $379,957 On August 31, 2016, merchandise inventory was $27,035. Supplementary records of merchandising activities for the year ended August 31, 2017 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $98, 490 2,068 4,728 3,980 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