Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Total liabilities Merchandise inventory Other (noninventory) assets K. Valley, Capital $ Debit 36,500 146,000 Credit $ 42,158 121,098 K. Valley, Withdrawals 8,000 Sales 249,660 Sales discounts 3,820 Sales returns and allowances 16,478 Cost of goods sold 96,761 Sales salaries expense 34,203 Rent expense-Selling space 11,734 Store supplies expense 2,996 Advertising expense 21,221 Office salaries expense Rent expense-Office space Office supplies expense Totals 31,208 2,996 999 $ 412,916 $ 412,916 On August 31, 2016, merchandise inventory was $29,456. 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 $ 107,310 2,254 5,151 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 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Sales Net sales Net Sales