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 (non-inventory) assets. Total liabilities Common stock Debit $ 41,000 164,000. Credit $ 47,355 79,369 Retained earnings 55,191 Dividends 8,000 Sales 280,440 Sales discounts 4,291 Sales returns and allowances 18,509 Cost of goods sold 108,210 Sales salaries expense 38,420 Rent expense-Selling space 13,181 Store supplies expense 3,365 Advertising expense 23,837 office salaries expense 35,055 3,365 1,122 $ 462,355 Rent expense-Office space Office supplies expense Totals $ 462,355 Beginning merchandise inventory was $33,087, 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 $ 120,540 2,531 5,786 3,900