$[$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.

$\backslash$table$[[$Adjusted Account Balances,Debit,Credit$],[$Merchandise inventory $($ending$),$$$39,000,],[$Other $($non$-$inventory$)$ assets,$156,000,],[$Total liabilities,,$$45,045$

Required:

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.

Prepare closing entries as of August $31($the perpetual inventory system is used$).$