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 Credit Debit $ 35,000 140,000 $ 40.425 47.114 69,497 8.000 239,400 Merchandise inventory (ending) Other (noninventory) assets Totallibilities Common stock Retained earnings Dividends Salos Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Oflice salaries expense Rent expense-Office space Office supplies expense Totals 3,683 15.800 92.945 32798 11,252 2,873 20,349 29.925 2,873 958 $ 396,436 $396.436 Beginning merchandise Inventory was $28.245. 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 $102.900 2.181 4.930 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