You received partial credit in the previous attempt. 3 View previous attempt Check my work 2 Required Information [The following information applies to the questions displayed below.] Part 1 of 2 Valley Company's adjusted account balances from its general ledger 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. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 30, 500 Other ( non- inventory) assets 122, 080 Total liabilities $ 35, 228 K. Valley, Capital 103, 147 K. Valley, Withdrawals 080 '8 Sales 208, 620 Sales discounts 3, 192 Sales returns and allowances 13, 769 Cost of goods sold 81, 497 Sales salaries expense 28, 581 Rent expense-Selling space 9, 805 Store supplies expense 2, 503 Advertising expense 17, 733 Office salaries expense 26, 078 Rent expense-Office space 2, 503 Office supplies expense 834 Totals $ 346, 995 $ 346, 995 Beginning merchandise inventory was $24,614. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases $ 89, 670 Purchases discounts received 1, 883 Purchases returns and allowances 4, 304 Costs of transportation-in 3, 908 Mc You received partial credit in the previous attempt. 3 View previous attempt Check my work 2 Purchases discounts received FAR 'T. Purchases returns and allowances 4, 304 Costs of transportation-in 806'E Part 1 of 2 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 Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Sales 208,620 Add: Sales discounts 3,192 Less: Sales returns and allowances 13,769 16,961 Net sales 191,659 Other (noninventory) assets 24,614 Net income 167,045 Mc You received partial credit in the previous attempt. 3 View previous attempt Check my work 2 Required information Sales $ 208,620 Part 1 of 2 Add: Sales discounts $ 3,192 Less: Sales returns and allowances 13,769 16,961 Net sales 191,659 Other (noninventory) assets 24,614 Net income 167,045 Expenses Selling expenses Sales salaries expense 28.581 Rent expense-Selling space 9,805 Store supplies expense 2.503 Advertising expense 17,733 Total selling expenses 58,622 General and administrative expenses Office salaries expense 26,078 Rent expense-Office space 2.503 Office supplies expense B34 Total general and administrative expenses 29,415 Total expenses 88,037 Net income $ 22.125 Mc