Required information Use the following information for the Problems below. [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, sore supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Beginning merchandise liventory was $24,210. Supplemerum. August 31 reveal the followina itemized coste. August 31 reveal the following itemized costs, roblem 5-3A (Algo) Computing merchandising amounts and formatting income statements Lo C1, P4 equired: 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 includes separate caftegories for net sales, cost of goods soid, selling expensess and general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categorles: cost of goods sold, selling expenses, and general and administrative expenses. Complete this question by entering your answers in the tabs below. W. Wha tha company 's net sales for the year. Complete this question by entering your answers in the tabs below. Compute the company's net sales for the year. generil single-step income statement that includes these expense categories: cost of goods sold. Complete this question by entering your answers in the tabs below. Compute the company's total cost of merchandise purchased for the year. Recquired information Prepare a single-step incorne statement that indudes these expense categories: cost of goods sold, selling cxpius:e. general and administrative expenses