Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows Debit 41,500 166,000 Credit Merchandise inventory Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discount:s 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 Office supplies expense Totals 47,933 10,000 126,056 8,000 283,860 4,343 18,735 109,483 38,889 13,341 3,406 24,128 35,483 3,406 1,135 $467,849 $467,849 On August 31, 2016, merchandise inventory was $33,491. 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 $122,010 2,562 5,856 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. Complete this questions by entering your answers in the below tabs. Required 1Required 2Required 3 Required 4 Compute the company's net sales for the year. Net Sales Sales Less: Sales discounts Less: Sales returns and allowances Net sales $ 283,860 4,343 18,735 $ 260,782 Complete this questions by entering your answers in the below tabs. Required 1Required 2 Required 3 Required 4 Compute the company's total cost of merchandise purchased for the year Cost of merchandise purchased Invoice cost of merchandise purchased Purchase discounts received Purchase returns and allowances Costs of transportation-in Total cost of merchandise purchased Income Statement For Year Ended August 31, 2017 0 0 Expenses Selling expenses Total selling expenses 0 General and administrative expenses Total general and administrative expenses Total expenses 0 0 Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses VALLEY COMPANY Income Statement For Year Ended August 31, 2017 Expenses Total expenses 0