.ssignment il Saved Help Saved Credit Debit $ 43,5ee 174,000 $ 50,243 142,038 8,000 297,540 Merchandise inventory (ending) Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, Withdrawals 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 4,552 19,638 114.570 40.763 13,984 3.570 25.291 37,193 3.570 $489.8215489.821 Beginning merchandise inventory was $35,105. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation in $127.890 2,686 6.139 3.900 1 of 2 Next > Sighierill 1 Save 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. Net Sales Sales Net sales Required 2 > Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. VALLEY COMPANY Income Statement For Year Ended August 31 Expense Selling expenses Total soll ng expenses 1 0 2 Next > Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses