Required information 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 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. Adjusted Account Balances. Merchandise inventory (ending) Other (non-inventory) 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 Debit $ 39,000 156,000 Invoice cost of merchandise purchases Purchases discounts received. Purchases returns and allowances Costs of transportation-in 8,000 4,081 17,606 103,121 36,546 12,538 3,201 Credit $ 45,045 76,078 52,498 266,760 22,675 33,345 3,201 1,067 $ 440,381 $ 440,381 Beginning merchandise inventory was $31,473. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. $ 114,660 2,408 5,504 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. 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 categories: cost of goods sold, selling expenses, and general and administrative expenses. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the company's net sales for the year. Sales Net sales Net Sales < Required 1 Required 2 >