Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit $ 38,693 45,095 67,029 229, 140 Debit Merchandise inventory (ending) $ 33,500 Other (noninventory) assets 134,000 Total liabilities Common stock Retained earnings Dividends 8,000 Sales Sales discounts 3,506 Sales returns and allowances 15,123 Cost of goods sold 89,129 Sales salaries expense 31,392 Rent expense-selling space 10,770 Store supplies expense 2,750 Advertising expense 19,477 Office salaries expense 28,643 Rent expense-Office space 2,750 office supplies expense 917 Totals $379,957 $379,957 Beginning merchandise inventory was $27035. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $98, 490 2,068 4,728 3,990 Required: 1. Compute the company's net sales for the year 2. Compute the company's total cost of merchandise purchased for the vear ,2 rchases discounts received rchases returns and allowances sts of transportation-in 4,728 3,900 quired: Compute the company's net sales for the year. Compute the company's total cost of merchandise purchased for the year. Prepare a multiple-step income statement that includes separate categories for net sales, cost eneral and administrative expenses. - Prepare a single-step income statement that includes these expense categories: cost of goods nd administrative expenses. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the company's total cost of merchandise purchased for the year. Cost of Merchandise Purchased Invoice cost of merchandise purchased Purchases discounts received Purchases returns and allowances Costs of transportation in Total cost of merchandise purchased