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. Beginning merchandise inventory was $29,859. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Required: . Compute the company's net sales for the year. . 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 jeneral and administrative expenses. 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. Compute the company's net sales for the year