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, advertising expense. It categorizes the remaining expenses as general and administrative. Credit $ 50,820 143,537 300,960 Debit Merchandise inventory (ending) $ 44,000 Other (noninventory) assets 176,000 Total liabilities K. Valley, Capital K. Valley, Withdrawals 8,000 Sales Sales discounts 4,605 Sales returns and allowances 19,863 Cost of goods sold 115,842 Sales salaries expense 41,232 Rent expense-Selling space 14,145 Store supplies expense 3,612 Advertising expense 25,582 Office salaries expense 37,620 Rent expense-Office space 3,612 Office supplies expense 1,204 Totals $495, 317 $495, 317 Beginning merchandise inventory was $35,508. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases $129, 360 Purchases discounts received 2,717 Purchases returns and allowances 6,209 Costs of transportation-in 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 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. 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 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 Purchase discounts received Purchase returns and allowances Costs of transportation-in Total cost of merchandise purchased 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 Income Statement For Year Ended August 31 Expense Selling expenses Expense Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses Required 2 Required 4 Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses