Valley Companys adjusted trial balance on August 31, 2018, its fiscal year-end, follows.

		Debit			Credit
Merchandise inventory		$	36,500
Other (noninventory) assets			146,000
Total liabilities					$	42,158
Common stock						10,000
Retained earnings						111,098
Dividends			8,000
Sales						249,660
Sales discounts			3,820
Sales returns and allowances			16,478
Cost of goods sold			96,761
Sales salaries expense			34,203
Rent expenseSelling space			11,734
Store supplies expense			2,996
Advertising expense			21,221
Office salaries expense			31,208
Rent expenseOffice space			2,996
Office supplies expense			999
Totals		$	412,916		$	412,916

On August 31, 2017, merchandise inventory was $29,456. Supplementary records of merchandising activities for the year ended August 31, 2018, reveal the following itemized costs.

Invoice cost of merchandise purchases	$	107,310
Purchases discounts received		2,254
Purchases returns and allowances		5,151
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.