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. Debit Credit $ 35,500 142,000 Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock $ 41,003 47,787 70,319 Retained earnings Dividends 8,000 Sales 242,820 Sales discounts 3,715 Sales returns and allowances 16,026 Cost of goods sold 94,217 Sales salaries expense 33,266 11,413 2,914 20,640 Rent expense-Selling space Store supplies expense Advertising expense office salaries expense Rent expense-Office space office supplies expense Totals 30,353 2,914 971 $401,929 $401,929 Beginning merchandise inventory was $28,649. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received $104,370 2,192 5,010 Purchases returns and allowances Costs of transportation-in 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. Net Sales Sales Net sales 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 2 Required 3 Required 4 Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Selling expenses Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Total expenses