Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit 43,000 Merchandise inventory Other (noninventory) 172,000 assets Total liabilities 49,665 140,542 K. Valley, Capital 8,000 4,500 19,412 K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space 294,120 113,298 40, 294 13,824 3,529 25,000 36,765 3,529 1,176 Office supplies expense Totals $484, 327 $484,327 On August 31, 2016, merchandise inventory was $34,701 Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in 126,420 2,655 6,068 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, sellig expenses, and general and administrative expenses