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-seling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Credit Merchandise inventory (ending) $ 36,000 Other (noninventory) assets 144,000 Total liabilities $ 41,580 Common stock 48,460 Retained earnings 71,141 Dividends 8,000 Sales 246, 240 Sales discounts 3,767 Sales returns and allowances 16,252 Cost of goods sold 95,489 Sales salaries expense 33,735 Rent expense-Selling space 11,573 Store supplies expense 2,955 Advertising expense 20,930 Office salaries expense 30,780 Rent expense-Office space 2,955 office supplies expense Totals $407,421 $407,421 985 Beginning merchandise inventory was $29,052. 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 $105,840 2,223 5,080 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 Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Net Sales Sales Net sales