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, follo categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling spac supplies expense, and advertising expense. It categorizes the remaining expenses as general and adminis Adjusted Account Balances Merchandise inventory (ending) Debit $ 41,000 130,400 Credit Other (non-inventory) assets Total liabilities. $ 25,000 Common stock 10,000 Retained earnings 94,550 Dividends 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 Totals 400 $ 355,150 $355,150 Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the ye August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 92,000 2,000 4,500 4,600 Required: 1. Compute the company's net sales for the year.