Compute the company's net sales for the year. \begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Cost of Merchandise Purchased } \\ \hline Invoice cost of merchandise purchased \\ \hline Purchases discounts received \\ \hline Purchases returns and allowances \\ \hline Costs of transportation-in & \\ \hline Total cost of merchandise purchased & \\ \hline \end{tabular} Problem 4-3A (Algo) Computing merchandising amounts and formatting income statements LO C1, P4 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, seling expenses, and general and administrative expenses. Required information Use the following information for the Problems below. [The following information applies to the questions displayed below] 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. Beginning merchandise inventory was $28,649. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs general and administrative expenses: Required intormation