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$)$ $ $38,500$

Other $($non$-$inventory$)$ assets $154,000$

Total liabilities $ $44,468$

K$.$ Valley, Capital $127,081$

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

Sales $263,340$

Sales discounts $4,029$

Sales returns and allowances $17,380$

Cost of goods sold $101,850$

Sales salaries expense $36,078$

Rent expense$$Selling space $12,377$

Store supplies expense $3,160$

Advertising expense $22,384$

Office salaries expense $32,918$

Rent expense$$Office space $3,160$

Office supplies expense $1,053$

Totals $ $434,889$ $ $434,889$

Beginning merchandise inventory was $$31,070.$ Supplementary records of merchandising activities for the year ended August $31$ reveal the following itemized costs.

Invoice cost of merchandise purchases $ $113,190$

Purchases discounts received $2,377$

Purchases returns and allowances $5,433$

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.