Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit $ 45,000 180,000 $ 51,975 10,000 136,529 8,000 307,800 Merchandise inventory Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends 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 Office supplies expense Totals 4,709 20,315 118,387 42,169 14,467 3,694 26,163 38, 475 3,694 1,231 $506,304 $ 506, 304 On August 31, 2016, merchandise inventory was $36,315. 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 $132,300 2,778 6,350 3,900 Required: 1. Compute the company's net sales for the year. 2. Prepare a multiple-step income statement that includes separate categories for net sales, 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 3 Compute the company's net sales for the year. Net Sales Sales Net sales Required 1 Required 3 > Complete this questions by entering your answers in the below tabs. Required 1 Required 3 Prepare a multiple-step income statement that begins with net sales and includes separate categories for: cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31, 2017 Expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses