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) Other (noninventory) assets Total liabilities Common stock Retained earnings Debit $ 34,500 Credit 138,000 $ 39,848 46,441 68,673 Dividends 8,000 Sales 235,980 Sales discounts 3,610 Sales returns and allowances 15,575 Cost of goods sold 91,673 Sales salaries expense 32,329 Rent expense-Selling space 11,091 Store supplies expense 2,832 Advertising expense 20,058 Office salaries expense 29,498 2,832 944 $ 390,942 $ 390,942 Rent expense-Office space Office supplies expense Totals Beginning merchandise inventory was $27,842. Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $ 101,430 2,130 4,869 3,900