Valley Company's adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Credit Debit $ 38,500 154,000 $ 44,468 10,000 117,081 8,000 263,340 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 4,029 17,380 101,850 36,078 12,377 3,160 22,384 32,918 3,160 1,053 $434,889 $434,889 On August 31, 2017, merchandise inventory was $31,070. Supplementary records of merchandising activities for the year ended August 31, 2018, reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $113, 190 2,377 5,433 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 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