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$)$ $ $44,500$

Other $($non$-$inventory$)$ assets $178,000$

Total liabilities $ $51,398$

Common stock $85,131$

Retained earnings $59,902$

Dividends $8,000$

Sales $304,380$

Sales discounts $4,657$

Sales returns and allowances $20,089$

Cost of goods sold $117,115$

Sales salaries expense $41,700$

Rent expense$$Selling space $14,306$

Store supplies expense $3,653$

Advertising expense $25,872$

Office salaries expense $38,048$

Rent expense$$Office space $3,653$

Office supplies expense $1,218$

Totals $ $500,811$ $ $500,811$

Beginning merchandise inventory was $$35,912.$ Supplementary records of merchandising activities for the year ended August $31$ reveal the following itemized costs.

Invoice cost of merchandise purchases $ $130,830$

Purchases discounts received $2,747$

Purchases returns and allowances $6,280$

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.