! Required information [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. Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals Sales Sales discounts Debit $ 43,000 Credit 172,000 $ 49,665 140,542 8,000 294,120 4,500 Sales returns and allowances 19,412 Cost of goods sold 113,298 Sales salaries expense 40,294 Rent expense-Selling space 13,824 Store supplies expense 3,529 Advertising expense 25,000 Office salaries expense 36,765 3,529 1,176 $ 484,327 $ 484,327 Rent expense-Office space Office supplies expense Totals Beginning merchandise inventory was $34,701. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Commme ne company's total cost of merchandise nutenasen in me year ! Required information 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 answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Sales Net sales Net Sales es Am are expenses. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the company's total cost of merchandise purchased for the year. Cost of Merchandise Purchased Invoice cost of merchandise purchased Purchases discounts received Purchases returns and allowances Costs of transportation-in Total cost of merchandise purchased < Required 1 Required 3 > Prepare a multiple-step income statement that includes separate categories for net sal and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expenses Selling expenses Total selling expenses General and administrative expenses 0 0 0 0 Required information Expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses 0 0 0 0 Complete this question by entering your answers in the taps Delow. 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 Expenses Total expenses 0 < Required 3 Required 4