[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 $31,070. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs required: 1. Compute the company's net sales for the year 2. Compute the company's total cost of merchandise purchased for the year: 2. Compute the company stata costormerchandise-purchased for the yearies for net sales, cost of goods sold, selling expenses and general and administrative expenses. 4. Preoare a sinale-steo income statement that includes these exoense cateoories. cost of ooods sold selind exbenses and