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, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative Adjusted Account Balances Merchandise inventory (ending) Debit $ 38,500 Credit other (non-inventory) assets Total liabilities. Common stock 154,000 $44,468 75,256 Retained earnings 51,825 Dividends 8,000 Sales 263,340 Sales discounts 4,029 Sales returns and allowances 17,380 Cost of goods sold 101,850 Sales salaries expense 36,078 Rent expense-selling space 12,377 Store supplies expense 3,160 Advertising expense 22,384 office salaries expense 32,918 3,160 1,053 $434,889 Rent expense-office space office supplies expense Totals Beginning merchandise Inventory was $31,070. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs $ 434,889