Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Company's adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Credit Debit $ 30,500 122,000 $ 35,228 10,000 93,147 8,000 208,620 Merchandise inventory 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 office supplies expense Totals 3,192 13,769 81,497 25,551 9.305 2,503 17,733 26,078 2,503 R24 5346,995 $346,995 On August 31, 2017 merchandise inventory was $24,614. Supplementary records of merchandising activities for the year ended August 31. 2018, reveal the following itemized costs. On August 31, 2017, merchandise inventory was $24.614. Supplementary records of merchandising activities for the year ended August 31, 2018, reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 89,670 1,883 4,384 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