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 $ 46,778 54,518 78,547 8,000 277,020 Debit Merchandise Inventory (anding) $ 40,500 Other (non inventory) assets 162,000 Total liabilities Common stock Retained earnings Dividends Sales Sales discounts 4,238 Sales returns and allowances 18,283 cost of goods sold 106,939 Sales salaries expense 37,952 Rent expense-selling space 13,020 Store Supplies expense 3,324 Advertising expense 23,547 office salaries expense 34,628 Hent expense-Ottice space 3,324 office supplies expense 1, 108 Totale $456,863 $456,863 Beginning merchandise inventory was $32,684. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Perchases discounts received Purchases returns and allowances Cost of transportation in $119.070 2,500 5,715 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