Use the following information for the Problems 3A-4A below. (Algo) [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. Debit Credit $ 36,000 144,000 $ 41,580 48,460 71,141 8,000 246, 240 Adjusted Account Balances Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense- Selling space Store supplies expense Advertising expense Office salaries expense Rent expense- Office space Office supplies expense Totals 3,767 16,252 95,489 33,735 11,573 2,955 20,930 30,780 2,955 985 $407,421 $407,421 Beginning merchandise inventory was $29,052. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise $105,840 purchases Purchases discounts received 2,223 Purchases returns and 5,080 allowances Costs of transportation-in 3,900 Problem 4-3A (Algo) Computing merchandising amounts and formatting income statements LO C1, P4 Required: 1. Compute the company's net sales for the year. 2. Compute the company's total cost of merchandise purchased for the year. Prepare a multiple-step income statement tha cludes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses