Required informetion (The following information apples to the questions duplayed below) Valley Company's adyusted account balances fiom is general liedger on Mugust 3h, is fiscal year end, follows: It categorizes the following accoumts as seling expenses sales salaries expense, rent expense-seling space, store supplies expense, and advertising expense it categorizes the remaining expenses as general and administrative Beginning merchandise inventory was $31,070 Supplementary records of meichandising activites for the year ended August 31 reveal the following inemized costs Required: 1. Compute the company's net sales for the year. 2 Compute the company's total cost of merchandise puichased for the yeat 3. Prepare a multiple-step income statement that includes separate categones for net sales, cost of goods sold, selling expenses, and general and administrative expenses. 4. Prepare a single-step income staternent that includes these expense categories cost of goods sold, selling expenses, and general and edministrative expenses