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Required information Use the following information for the Problems below. The followitg information applies to the questions dopiayed below] Valtey Compeny's adjusted accoumt balances from its general ledger on August 31, its fiscal year-end, follows. if categorizes the follawing accounts as selting expenses: sales salaries expense, rent expense-selling spoce, store sugposes expense; and advertising expense. It categorizes the temaining expenses as general and adiministratrer Beginning merchandise inventory was $25,421. Supplementary fecords of merchandising actvities for the year ended August 31 reveal the following itemired costs. Problem 5-3A (Algo) Computing merchandising amounts and formatting income statements LO C1, P4 Requlired: 1. Comgute the compenys net sales for the yeat. 2. Compute the company's total cost of merchandise purchased for the yeac 3. Prepore a muitiple step income statement that in tudes separate categorles for net saled cost of goecs soits, selling experaes, bnd general and admisistrative experses. 4. Prepare a single-step income ststement that includes these expense categories cost of goods sold, seling eapensis and gentiral and administrative expenses Beginning mucichandise inventory was $25,421. Supplementary records of merchandising activities for th August 31 reveal the following itemized costs. Problem 5-3A (Algo) Computing merchandising amounts and formatting income state Required: 1. Compute the company's net sales for the yeac 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 50 and general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, sellin general and administrative expenses. Complete this question by entering your answers in the tabs below. Compute the company's net sales for the year. Beginning merchandise inventory was $25,421. Supplementary records of merchandising activ August 31 reveal the following itemized costs. Problem 5-3A (Algo) Computing merchandising amounts and formatting income Required: 1. Compute the company's net sales for the yeac 2. Compute the company's total cost of merchandise purchased for the yeat. 3. Prepare o multiple-step income statement that includes separate categories for net sales, cost of gc and general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, general and administrative expenses. Complete this question by entering your answers in the tabs below. Compute the company's total cost of merchandise purchased for the year. (1) Requiredinform in on Complete this question by entering your answers in the tabs below. Prepare a multipie-step income statement that includes separate categories for net sales, cost of go expenses, and general and administrative expenses. Problem 5-3A go) Computing merchandising amounts and formatting incon Required: 1. Compute the company's net sales for the yeat. 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 o and general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categorles; cost of goods s general and administrative expenses. Complete this question by entering your answers in the tabs below. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling general and administrative expenses