Required information Use the following Informetlon 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 categorlzes the following accounts as selling expenses: sales salarles expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remalining expenses as general and adminlstratlve. Beginning merchandise inventory was $25,017. Supplementary records of merchandising actlvitles for the year ended August 31 reveal the following itemized costs. Problem 5.3A (Algo) Computing merchandlsing 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 categorles for net sales, cost of goods sold, selling expenses, and general and administratlve expenses. 4. Prepare a single-step Income statement that Includes these expense categorles: cost of goods sold, selling expenses, and general and administratlve expenses. Complete this question by entering your answers in the tabs below. Compute the company's net sales for the year: Compute the company's total cost of merchandise purchased for the year: Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expens and neneral and ahminietrative avneneas Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, and general and administrative expenses