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. Debit Credit $ 35,500 142,000 $ 41,003 118, 106 8,000 242,820 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley. Withdrawals 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 3,715 16,026 94,217 33, 266 11, 413 2,914 20, 640 30, 353 2,914 971 $401, 929 $401, 929 Beginning merchandise inventory was $28,649. 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 $104, 370 2, 192 5, 010 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