Valley Company's adjusted trial balance on August 31, 2016, its fiscal year-end, follows.On August 31, 2015

Valley Company's adjusted trial balance on August 31, 2016, its fiscal year-end, follows.On August 31, 2015, merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31, 2016, reveal the following itemized costs. Required Compute the company's net sales for the year. Compute the company's total cost of merchandise purchased for the year. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. (3) Gross profit, $136,850; Net income, $49,850 Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses. (4) Total expenses, $161,500

The following information relates to the manufacturing operations of the Abbra Publishing Company for the year

The following information relates to the manufacturing operations of the Abbra Publishing Company for the year:

                Beginning                            Ending

Raw materials inventory               $              560,000                                 $              623,000

The raw materials used in manufacturing during the year totaled $1,083,000. Raw materials purchased during the year amount to:

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