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 $ 36,960 43,076 64,560 218,880 5 Debit Merchandise inventory (ending) $ 32,000 Other (noninventory) assets 128,000 Total liabilities Common stock Retained earnings Dividends 8,000 Sales Sales discounts 3,349 Sales returns and allowances 14,446 Cost of goods sold 85,312 Sales salaries expense 29,987 Rent expense-selling space 10,287 Store supplies expense 2,627 Advertising expense 18,605 Office salaries expense 27,360 Rent expense-Office space 2,627 office supplies expense 876 Totals $363,476 $363,476 Beginning merchandise inventory was $25,824. Supplementary records of merchandising activities for the year ended August 31 Feal the following itomized coste Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $94,080 1,976 4,516 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. s 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 es