Valley Company's adjusted trial balance 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. Problem 5-3A Computing metchandising amounts and formatting income statements C2P4 Beginning metchandise inwentory was $25,400. 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- 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 Check (2)590,100 (9) Gioss profit 5136850 . Neet income 549.850 4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, sell- (4) Total euperues $151,500 ing expenser, and general and administrative expenses