Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. it Credit $ 34,000 136,000 Merchandise inventory Other (noninventory) assets Total 1iabilities K. Valley, Capital K. Valley, Withdrawals 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 $ 39,270 113,619 8,e00 3,558 15, 349 232,560 90,401 31,861 10,930 2,791 19,768 29,070 2,791 930ittinss $385,449 $385,449 SPre 6 of6 ework Help Save & E Che On August 31, 2016, merchandise inventory was $27,438. 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 $99,960 2,099 4,798 3,908 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