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 $ 49,088 57,210 91,838 290,700 Debit Merchandise inventory (ending) $ 42,500 Other (noninventory) assets 170,000 Total liabilities Common stock Retained earnings Dividends 8,000 Sales Sales discounts Sales returns and allowances 19,186 Cost of goods sold 112,026 Sales salaries expense 39,826 Rent expense-Selling space 13,663 Store supplies expense 3,488 Advertising expense 24,710 office salaries expense 36,338 Rent expense-Office space 3,488 office supplies expense 1,163 Totals $ 478,836 $ 478,836 Beginning merchandise inventory was $34,298. 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 $ 124,950 2,624 5,998 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