chap 1A, P.BA 4. 43A A Help av Valley Company's adjusted trial balance 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 Merchandise inventory (ending) Debit 5 41,000 130,400 94,50 12,000 Store supplies expense Rent expense-office space $355,150 $355, 150 Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Purchases discounts received Purchases returns and allowances 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 catecories: cost of goods sold, selling expenses, and general