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[The following information applies to the questions displayed below.) 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. Credit Debit $ 35,500 142,000 $ 41,003 118, 106 8.000 242,820 Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities X. Valley, Capital K. Valley, withdrawals 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 3,715 16,026 94,217 33,266 11,413 2,914 20,640 30, 353 2.914 971 $ 401,929 $ 401,929 Beginning merchandise inventory was $28,649. 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 Coats of transportation in $ 104,370 2,192 5,010 3.900 VALLEY COMPANY Income Statement For Year Ended August 31 Sales + Less: Sales discounts $ Less: Sales returns and allowances Net sales Cost of goods sold $ $ 242,820 3,715 16,026 19,741 223,079 94,217 128,862 as Expenses Selling expenses Total selling expenses General and administrative expenses 0 Required information Less: Sales discounts Less: Sales returns and allowances Net sales Cost of goods sold 3,715 16,026 19,741 223,079 94,217 128,862 Expenses Selling expenses tes Total selling expenses General and administrative expenses 0 Total general and administrative expenses Total expenses 0 0 Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost of goods s general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 es Expenses Total expenses 0