Problem 4-3A Computing merchandising amounts and formatting income statements LO C2, P4 Valley Conlpany'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. Beginning merchandise inventory was $34,298 Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Required: 1. Compute the compary'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 of goods sold, selling expenses, and genetol and administrative expenses 4. Prepare a single-step income statement that inclucies 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. Compute the company's net sales for the year. Complete this question by entering your answers in the tabs below. Compute the company's total cost of merchandise purchased for the year. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and 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 expenses, and general and administrative expenses