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) Debit $ 30,500 Credit Other (non-inventory) assets 122,000 Total liabilities $ 35,228 K. Valley, Capital 103,147 K. Valley, Withdrawals 8,000 Sales 208,620 Sales discounts 3,192 Sales returns and allowances 13,769 Cost of goods sold 81,497 Sales salaries expense 28,581 Rent expense-Selling space 9,805 Store supplies expense 2,503 Advertising expense 17,733 Office salaries expense 26,078 Rent expense-office space, 2,503 Office supplies expense 834 $ 346,995 $ 346,995 Totals Beginning merchandise inventory was $24,614. 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 $ 89,670 1,883 4,304 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