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 Debit $ 33, see 134, eee $ 38,693 45,895 67,029 8,000 229, 140 Merchandise inventory (ending) 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 3,506 15,123 89,129 31,392 10,770 2,75e 19,477 28,643 2,750 927 $379,957 $379,957 Beginning merchandise inventory was $27.035. Supplementary records of merchandising activities for the vear ended August 31 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $98,490 2,068 4,728 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 4. Prepare a single-step Income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Check Income Statement For Year Ended August 31 0 0 0 Expenses Selling expenses 0 Total selling expenses General and administrative expenses