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 $ 31,500 Credit 126,000 $ 36,383 63,738 Retained earnings 42,403 Dividends 8,000 Sales 215,460 Sales discounts 3,297 Sales returns and allowances 14,220 Cost of goods sold 84,041 Sales salaries expense 29,518 Rent expense-Selling space 10,127 Store supplies expense 2,586 Advertising expense 18,314 Office salaries expense 26,933 Rent expense-Office space 2,586 862 Office supplies expense Totals $ 357,984 $ 357,984 Beginning merchandise inventory was $25,421. 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 $ 92,610 1,945 4,445 3,900