The following are selected ledger accounts of culver corporation at december 31, 2017.cash$186,310salaries and wages expense (sales)$285,310inventory536,310sala ries and wages expense (office)347,310sales revenue4,276,310purchase returns16,310unearned sales revenue118,310sales returns and allowances80,310purchases2,787,310f reight-in73,310sales discounts35,310accounts receivable143,810purchase discounts28,310sales commissions84,310selling expenses70,310telephone and internet expense (sales)18,310accounting and legal services34,310utilities expense (office)33,310insurance expense (office)25,310miscellaneous office expenses9,310advertising expense55,310rent revenue241,310delivery expense94,310casualty loss (before tax)71,310depreciation expense (office equipment)49,310interest expense177,310depreciation expense (sales equipment)37,310common stock ($10 par)901,310culver’s effective tax rate on all items is 34%. a physical inventory indicates that the ending inventory is $687,310.-determine net sales (write a formula with the accounts you used): -determine cogs (write a formula with the accounts you used): - determine total selling expenses (write a formula with the accounts you used): -determine total administrative expenses (write a formula with the accounts you used): -determine income tax expense (write a formula with the accounts you used): - determine eps (write a formula with the accounts you used): -prepare a condensed 2017 income statement for culver corporation (multiple step).*** add the procedure for every !