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

		Debit			Credit
Merchandise inventory		$	39,000
Other (noninventory) assets			156,000
Total liabilities					$	45,045
K. Valley, Capital						128,576
K. Valley, Withdrawals			8,000
Sales						266,760
Sales discounts			4,081
Sales returns and allowances			17,606
Cost of goods sold			103,121
Sales salaries expense			36,546
Rent expenseSelling space			12,538
Store supplies expense			3,201
Advertising expense			22,675
Office salaries expense			33,345
Rent expenseOffice space			3,201
Office supplies expense			1,067
Totals		$	440,381		$	440,381

On August 31, 2016, merchandise inventory was $31,473. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs.

Invoice cost of merchandise purchases	$	114,660
Purchases discounts received		2,408
Purchases returns and allowances		5,504
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.