Valley companys adjusted trial balance on august 31 2013

Question

Valley Company's adjusted trial balance on August 31, 2013, its fiscal year end, follows.

On August 31, 2012, merchandise inventory was $ 25,400. Supplementary records of merchandising activities for the year ended August 31, 2013, reveal the following itemized costs.
Invoice cost of merchandise purchases . . . . . . . . $ 92,000
Purchase discounts received . . . . . . . . . . . . . . . . . 2,000
Purchase returns and allowances . . . . . . . . . . . . . 4,500
Costs of transportation in . . . . . . . . . . . . . . . . . . 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 selling expenses and for 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 administrativeexpenses.