Use the following information for the Problems below. [The following information applies to the questions displayed below] Valley Company's adjusted account balances from its generat ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salarles 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. Problem 4-3A (Static) Computing merchandising amounts and formatting income statements LO C1, P4 Required: 1. Compute the company's net sales for the yeat 2. Compute the company's total cost of merchandise purchased for the year. 3. Prepare a multiple-step income statement that includes 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 categoriesi cost of goods sold, seiling expenses, and general and administrative expenses