Valley Company's adjusted acconut halances from its general 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 acdvertising expense. It categorizes the remaining expenses as general and administrative. Beginning merchandise Inventory was \$24,614. Supplementary records of merchandising actlvitles 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. 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 categorles; 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