Valley Company's adjusted trial balance on August 31, 2016, its fiscal year-end, follows.

On August 31, 2015, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31, 2016, reveal the following itemized costs.
Invoice cost of merchandise purchases . . . . . . . . . $92,000
Purchase discounts received . . . . . . . . . . . . . . . . . . . 2,000
Purchase returns and allowances . . . . . . . . . . . . . . . 4,500
Costs of transportation-in . . . . . . . . . . . . . . . . . . . . 4,600
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.

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Deblt Credit 130,0 Total Iiabilities..._ ___._.___.. .__... $25,000 0,000 430 Common stock ...._. .__... 5100 Sales 225,600 2,250 .12,000 A,00 32,000 5100 1,900 ,000 .28,500 3,600 400 Sales returns and allowances Rent expense Selling space.... Office salaries expense s. Totals..___. _.._ ___._.___.. .__... $355,150 $355,150