Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 44,000 Other (noninventory) assets 176,000 Total liabilities $ 50,820 Common stock 59,229 Retained earnings 84,308 Dividends 8,000 Sales 300,960 Sales discounts 4,605 Sales returns and allowances 19,863 Cost of goods sold 115,842 Sales salaries expense 41,232 Rent expenseSelling space 14,145 Store supplies expense 3,612 Advertising expense 25,582 Office salaries expense 37,620 Rent expenseOffice space 3,612 Office supplies expense 1,204 Totals $ 495,317 $ 495,317 On August 31, 2014, merchandise inventory was $35,508. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs. Invoice cost of merchandise purchases $ 129,360 Purchase discounts received 2,717 Purchase returns and allowances 6,209 Costs of transportation-in 3,900

2. Compute the company's total cost of merchandise purchased for the year.