B of 24 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 Connon stock Retained earnings Dividends Sales Sales discounts Debit $ 39,000 156,000 Credit $ 45,045 76,078 52,498 8,000) 266,760 4,081 Sales returns and allowances 17,606 Cost of goods sold 103,121 Sales salaries expense 36,546 Rent expense-selling space 12,530 ces Store supplies expense 3,201 Advertising expense 22,675 office salaries expense 33,345 Rent expense-office space 3,201 Office supplies expense 1,067 Totals $440,381 $440,381 Check my work Beginning merchandise inventory was $31,473. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $114,660 2,408 5,504 3,900 VILERIVING Rlling operatiIONS FTUDIE saved Help Save & Exit Submit Check my work 3 art 1 of 21 5 rits 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. Complete this question by entering your answers in the tabs below. eBook Print ferences Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Sales Net sales Net Sales Required Required 2 >