Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows.

On August 31, 2016, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs.
Invoice cost of merchandise purchases ........................... $92,000
Purchases discounts received ......................................2,000
Purchases 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 41,000 30,00 Credit Merchandise Inventory Other (noninventory) assets Total labillitles... K. Valley, Capital. K. Valley, Withdrawals Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salarles expense. Rent expense-Selling space.... Store supplies expense $25,000 04,550 8,000 225,600 2,250 12,000 74,500 2,00 8,000 ,500 1300 Office salarles expense Rent expense-Office space 28,500 3,600 $355,150 $355.150