Required:$1.$ Compute the company's net sales for the year$\mathrm{.}2.$ Compute the company's total cost of merchandise purchased for the year$\mathrm{.}3.$ Prepare a multiple$-$step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses$\mathrm{.}4.$ 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!

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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.

$\backslash$table$[[$Adjusted Account Balances,Debit,Credit$],[$Merchandise inventory $($ending$),$$$44,000,],[$Other $($non$-$inventory$)$ assets,$176,000,],[$Total liabilities,,$50,820],[$Common stock,$8,000,54,308],[$Retained earnings,,$5,229],[$Dividends$,19,805,],[$Sales$,115,842,],[$Sales discounts,$41,232,],[$Sales returns and allowances,$14,145,],[$Cost of goods sold,$3,612,],[$Sales salaries expense,$25,582,],[$Rent expense$-$Selling space,$37,620,],[$Store supplies expense,$3,612,],[$Advertising expense,$1,204,],[$Office salaries expense,$$495,317,$$$495,317$