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 $34,701 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 year. 2. Compute the companv's total cost of merchandise purchased for the vear: 1. Compute the company's net sales for the year. 2. Compute the company's total cost of merchandise purchased for the year. 3. Prepare a multiple-step income statement that inciudes separate categories for net sales, cost of goods soid, selling expense and general and administrative expenses 4. Prepare a single-step income statement that includes these expense categones: cost of goods soid, seling expenses, and general and administrative expenses