Question 3

Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows Debit $ 34,000 136,000 Credit Merchandise inventor Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent ex Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals $ 39,270 10,000 103,619 8,000 232,560 3,558 15,349 90,401 31,861 10,930 2,791 19,768 29,070 2,791 pense-Selling space 930- $385,449 $385,449 On August 31, 2016, merchandise inventory was $27,438. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs