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. Beginning merchandise inventory was $32,280. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. 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. 2. Crepare 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. Prepare a single-step income statement that includes these expense categories: cost of goods s general and administrative expenses