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Valley Company’s adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Debit Credit Merchandise...

Valley Company’s adjusted trial balance on August 31, 2018, its fiscal year-end, follows.
Debit Credit
Merchandise inventory $ 37,000
Other (noninventory) assets 148,000
Total liabilities $ 42,735
Common stock 10,000
Retained earnings
112,594
Dividends 8,000
Sales 253,080
Sales discounts 3,872
Sales returns and allowances 16,703
Cost of goods sold 98,034
Sales salaries expense 34,672
Rent expense—Selling space 11,895
Store supplies expense 3,037
Advertising expense 21,512
Office salaries expense 31,635
Rent expense—Office space 3,037
Office supplies expense 1,012
Totals $ 418,409 $ 418,409
On August 31, 2017, merchandise inventory was $29,859. Supplementary records of merchandising activities for the year ended August 31, 2018, reveal the following itemized costs.
Invoice cost of merchandise purchases $ 108,780
Purchases discounts received 2,284
Purchases returns and allowances 5,221
Costs of transportation-in 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.

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