Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Required Information [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 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. equired: 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 Compute the company's net sales for the year. repare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and eneral and administrative expenses. Compute the company's total cost of merchandise purchased for the year