Beginning merchandise inventory was $$27,035.$ Supplementary records of merchandising activities for the year ended

August $31$ reveal the following itemized costs.

Problem $4-3$A $($Algo$)$ Computing merchandising amounts and formatting income statements LO C$1,$ P$4$

Required:

Compute the company's net sales for the year.

Compute the company's total cost of merchandise purchased for the year.

Prepare a multiple$-$step income statement that includes separate categories for net sales, cost of goods sold, selling expenses,

and general and administrative expenses.

Prepare a single$-$step income statement that includes these expense categories: cost of goods sold, selling expenses, and

general and administrative expenses.