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 $ 49,665 140,542 294,120 Debit Merchandise inventory (ending) $ 43,000 Other (noninventory) assets 172,000 Total liabilities K. Valley, Capital K. Valley. Withdrawals 1 8,000 Sales Sales discounts 4,500 Sales returns and allowances 19,412 Cost of goods sold 113,298 Sales salaries expense 40,294 Rent expense-Selling space 13,824 Store supplies expense 3,529 Advertising expense 25,000 office salaries expense 36,765 Rent expense-office space 3,529 office supplies expense 1,176 Totals $484,327 $484,327 Beginning merchandise inventory was $34,701. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases $126,420 Purchases discounts received 2,655 Purchases returns and allowances 6,068 Costs of transportation in 3,900 Required: 1. Compute the company's net sales for the year. (Prey 1 of 8 !!! Next > 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 exi general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, 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 Required 1 Required 2 > Prey 1 of 8 !!! Next > Complete this question by entering your answers in the tabs below. ces 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 Income Statement For Year Ended August 31 0 0 0 Expense Selling expenses 0 Total selling expenses General and administrative expenses 0 Total general and administrative expenses Total expenses 0 Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses 0