Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Debit Credit Merchandise inventory Other (noninventory) assets Total liabilities 30,500 122,000 $35,228 Common stock 10,000 93,147 Retained earnings Dividends 8,000 Sales 208,620 Sales discounts 3,192 13,769 81,497 Sales returns and allowances Cost of goods sold Sales salaries expense 9.805 pace Store supplies expense Advertising expense Office salaries expense Rent expense Office space Office supplies expense 2,503 17,733 26,078 2,503 834 $346,995 $346,995 Totals On August 31, 2016, merchandise inventory was $24,614. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. In $89,670 ce cost of merchandise 4,304 and all wances Costs of transportation-in 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 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. multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and