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. Debit Credit Merchandise inventory (ending) $ 41,000 other (noninventory) assets 130, 400 Total liabilities $ 25,000 Comeon stock 10,000 Retained earnings 94,550 Dividends 8,000 Sales 225,600 Sales discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense-Selling space 8,000 Store supplies expense 1,500 Advertising expense 13,000 office salaries expense 28,500 Rent expense-office space 3,600 office supplies expense 400 Totals $355, 150 $355, 150 Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. 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, sellir general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expen and 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 net sales for the year. Net Sales Sales Net sales