Required Information Use the following information for the Problems below. [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 Retained earnings Debit $ 34,000 Credit 136,000 $ 39,270 67,851 45,768 Dividends 8,000 Sales 232,560 Sales discounts 3,558 Sales returns and allowances 15,349 Cost of goods sold 90,401 Sales salaries expense 31,861 Rent expense-Selling space 10,930 Store supplies expense 2,791 Advertising expense 19,768 Office salaries expense 29,070 2,791 930 $ 385,449 $ 385,449 Rent expense-Office space Office supplies expense Totals Beginning merchandise inventory was $27,438. 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 $ 99,960 2,099 4,798 3,900