Volley 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 Merchandise inventory $ 33,000 cending) Other (noninventory) assets 132,000 Total liabilities $ 38, 115 Common stock 44, 422 Retained earnings 66,207 Dividends 8.000 Sales 225, 720 Sales discounts 3.454 Sales returns and allowances 14,898 cost of goods sold 87,857 Sales salaries expense 30,924 Rent expense-Selling space 10,609 Store supplies expense 2.709 Advertising expense 19,186 Ottice salaries expense 28,215 Rent expense office space 2,709 office supplies expense 903 Totals $374,464 $374,464 Beginning merchandise inventory was $26,631. Supplementary records of merchandising activities for the year ended August 31 reveai the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in 597,020 2,037 4,657 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 Regard 2 > 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 Debit $ 33,000 132,000 $ 38,115 44, 422 66,207 8,000 225, 720 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 Ottice supplies expense Total 3,454 14,898 87,857 30,924 10,609 2,709 19,186 28,215 2,709 903 $374,464 $374,464 Beginning merchandise inventory was $26,631. 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 $97,020 2,037 4,657 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 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 Pered Ranud 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. ped ook Complete this question by entering your answers in the tabs below. int 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. rences VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Seling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses (Required 2 Required 4 > 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 14,898 87,857 30,924 10,609 2,709 19, 186 28,215 2,709 903 $374,464 $374,464 Beginning merchandise inventory was $26,631 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 $97,020 2,037 4,657 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 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