applies to the questions displayed below.j 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. Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals Debit $ 44,000 176,000 Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in 8,000 4,605 19,863 115,842 41,232 14,145 3,612 25,582 37,620 3,612 1,204 $ 495,317 Credit $ 50,820 84,308 59,229 $ 129,360 2,717 6,209 3,900 300,960 $ 495,317 Beginning merchandise inventory was $35,508. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs.

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 $35,508. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs 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. Complete this question by entering your answers in the tabs below