Valley Companys adjusted trial balance on August 31, 2017, its fiscal year-end, follows.

Debit Credit

Merchandise inventory $ 35,000

Other (noninventory) assets 140,000

Total liabilities $ 40,425

Common stock 10,000

Retained earnings

106,611

Dividends 8,000

Sales 239,400

Sales discounts 3,663

Sales returns and allowances 15,800

Cost of goods sold 92,945

Sales salaries expense 32,798

Rent expenseSelling space 11,252

Store supplies expense 2,873

Advertising expense 20,349

Office salaries expense 29,925

Rent expenseOffice space 2,873

Office supplies expense 958

Totals $ 396,436 $ 396,436

On August 31, 2016, merchandise inventory was $28,245. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs.

Invoice cost of merchandise purchases $ 102,900

Purchases discounts received 2,161

Purchases returns and allowances 4,939

Costs of transportation-in 3,900

Required:

1. Compute the companys net sales for the year.

2. Compute the companys 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.

Complete this questions by entering your answers in the below tabs. Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year Net Sales Sales Net sales Required 2>