25.000 Valley Company's adjusted Trial Balance on August 31, 2020, its Fiscal year-end, is given below. Valley Company Adjusted Trial Balance Debit Credit Ending Merchandise inventory 41000 Other Assets (noninventory) 130,400 Total Liabilities K. Valley, Capital 10,000 K. Valley, Withdrawals 8,000 Sales 225,600 Sales Discounts 2.250 Sales returns and allowances 12,000 Cost of goods sold 74.500 Sales salaries expense 32,000 Rent expense-Selling space 8,000 Store supplies expense 1.500 Advertising Expense 13,000 Office salaries expense 28,500 Rent expense - Office space 3,600 Office supplies expense 400 S355,1508335,150 Additional Information 1. The beginning merchandise inventory was $25,400 2. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs Invoice cost of merchandise purchases Purchases returns and allowances 4,500 Purchases discounts received $2,000 costs of transportation-in S92,000 4.600 Required: a. Compute the company's net sales for the year b. Compute the company's total cost of merchandise purchased for the year c. Prepare their income Statement and Balance sheet