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) Common stock Debit $ 36,000 Credit Other (non-inventory) assets Total liabilities 144,000 $ 41,580 71,141 Retained earnings 48,460 Dividends 8,000 Sales 246,240 Sales discounts 3,767 Sales returns and allowances. 16,252 Cost of goods sold 95,489 Sales salaries expense 33,735 Rent expense-Selling space 11,573 Store supplies expense 2,955 Advertising expense 20,930 Office salaries expense 30,780 Rent expense-Office space 2,955 985 office supplies expense Totals $ 407,421 $ 407,421 Beginning merchandise inventory was $29,052. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 105,840 2,223 5,080 3,900 Complete this question by entering your answers in the tabs belc Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Sales Net sales Net Sales 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 information Expenses Selling expenses VALLEY COMPANY Income Statement For Year Ended August 31 0 0 0 + Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses 0 0 Required 1 Required 2 Required 3 Required 4 Prepare a single-step income statement that includes these expense categories: cost general and administrative expenses. Expenses VALLEY COMPANY Income Statement For Year Ended August 31 Total expenses