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Requlred Information [ The following information applies to the questions displayed below. ] Valley Company's adjusted account balances from its general ledger on August 3

Requlred 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 $25,400. Supplementary records of merchandising activities for the year ended
August 31 reveal the following itemized costs.
Requlred:
Compute the company's net sales for the year.
Compute the company's total cost of merchandise purchased for the year.
Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses,
and general 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.
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