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Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as seling expenses: sales salaries expense, rent expense-selling space, store supplies expense, advertising expense. It categorizes the remaining expenses as general and administrative, Merchandise inventory (ending) Other (non inventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Salon Sales discounta Sales return and allowance Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense office salaries expense Rent expens office space office supplies expense Totals Debit Credit $ 41,000 130, 400 $ 25,000 104,550 8,000 225,600 2,250 120000 74,500 32.000 8,000 1,500 13.000 29.500 3600 400 5355.250 $355150 Beginning merchandise Inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Tavolo cost of merchandiline purchases Purchases discounts received Purchase returns and allowances Conte of transportation in 592,000 2,000 4,500 4.600 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

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