Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows Debit Credit Merchandise inventory 5 42,500 Other (noninventory) 170,000 assets Total liabilities $ 49,888 Common stock 10,eee Retained earnings 129,048 Dividends 8,000 Sales 298,780 Sales discounts 4,448 Sales returns and allowances 19,186 Cost of goods sold 112,026 Sales salaries expense 39,826 Rent expense-Selling 13,663 space Store supplies expense 3,488 Advertising expense 24,719 Office salaries expense 36,338 Rent expense-Office space 3,488 office supplies expense 1,163 Totals $478,836 5478,836 On August 31, 2016, merchandise inventory was $34,298. 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 $124,95e 2,624 5,998 3,90 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 Recured Compute the company's net sales for the year. Net Sales Sales Net Required 2 >