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 Merchandise inventory (ending) $ 35,000 Other (noninventory) assets 140,000 $ 40,425 47,114 69,497 Total liabilities Common stock Retained earnings Dividends 8,000 Sales 239,400 Sales discounts 3,663 15,800 92,945 32,798 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 11,252 2,873 20,349 29,925 2,873 958 Totals $396,436 $396,436 Beginning merchandise inventory was $28,245. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases $102,900 2,161 4,939 3,900 Purchases discounts received Purchases returns and allowances Costs of transportation-in 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 239,400 Less: Sales discounts 3,663 Less: Sales returns and allowances 15,800 Net sales 219,937 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 102,900 Purchases discounts received 2,161 Purchases returns and allowances 4,939 Costs of transportation-in 3,900 Total cost of merchandise purchased 99,700 VALLEY COMPANY Income Statement For Year Ended August 31 Sales 239,400 Less: Sales discounts Is 3,663 Less: Sales returns and allowances 15.800 19,463 Net sales 219,937 92,945 Gross profit 126,992 Expenses Selling expenses Rent expense-Selling space 32,798 Sales salaries expense 11,252 Store supplies expense 2,873 Advertising expense 20,349 Total selling expenses 67,272 General and administrative expenses Office salaries expense 29,925 Rent expense-Office space 2,873 Office supplies expense 958 Total general and administrative expenses Total expenses 33.756 101,028 Net income IS 25,964