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 $ 46,200 53,844 77,723 273,600 Debit Merchandise inventory (ending) $ 40,000 Other (noninventory) assets 160,000 Total liabilities Common stock Retained earnings Dividends 8,000 Sales Sales discounts 4,186 Sales returns and allowances 18,058 Cost of goods sold 105,665 Sales salaries expense 37,483 Rent expense-Selling space 12,859 Store supplies expense 3,283 Advertising expense 23,256 office salaries expense 34,200 Rent expense-office space 3,283 Office supplies expense 1,094 Totals $451, 367 $451,367 Beginning merchandise Inventory was $32,280. 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 $117,600 2.470 5,645 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 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $117,600 2,470 5,645 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. Not Sales Sales Net sales Required 2 > 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 Purchases discounts received Purchases returns and allowances Costs of transportation-in Total cost of merchandise purchased Required 1 Required 3 VALLEY COMPANY Income Statement For Year Ended August 31 0 0 0 Expenses Selling expenses Total selling expenses General and administrative expenses 0 Total general and administrative expenses Total expenses VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses