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 Merchandise inventory (ending) Other (non-inventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Debit $ 43,500 Credit 174,000 $ 50,243 142,038 8,000 297,540 4,552 Sales returns and allowances 19,638 Cost of goods sold 114,570 Sales salaries expense. 40,763 Rent expense-Selling space 13,984 Store supplies expense 3,570 Advertising expense 25,291 Office salaries expense 37,193 Rent expense-Office space 3,570 1,190 Office supplies expense Totals $ 489,821 $ 489,821 Beginning merchandise inventory was $35,105. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 127,890 2,686 6,139 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