Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4 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. Beginning merchandise inventory was $29,859 Supplementary records of merchandising activiles for the year ended August 31 reveal the following itemized costs. Required: 1. Compute the company's net sales for the yeat. 2. Compute the company's total cost of merchandise purchased for the yeat. 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. Compute the cempany's net sales for the year. \begin{tabular}{|l|} \hline \multicolumn{2}{|c|}{ Cost of Merchandise Purchased } \\ \hline Invoice cost of merchandise purchased \\ \hline Purchases discounts received \\ \hline Purchases retums and allowances \\ \hline Costs of transportation-in \\ \hline Total cost of merchandise purchased \\ \hline \end{tabular} 1 Required 3> Prepare a muitiple-step income statement that includes separate categories for net sales, cost of goods soid, selling expenses, and aenaral 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