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. Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense office salaries expense Rent expense-Office space office supplies expense Totals Debit $ 40,000 160,000 8,000 4,186 18,058 105,665 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in 37,483 12,859 3,283 23,256 Credit $ 46,200 53,844 77,723 273,600 34, 200 3,283 1,094 $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. $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. Required 1 Required 2 Required 3 Compute the company's net sales for the year. Sales Add: Sales discounts Net sales Required 4 Net Sales 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 so general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling 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 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 Prepare a multiple-step income statement that includes separate categories and general and administrative expenses. Expenses Selling expenses VALLEY COMPANY Income Statement For Year Ended August 31 Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses