Valley Companys adjusted trial balance on August 31, 2015, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 36,500 Other (noninventory) assets 146,000 Total liabilities $ 42,158 K. Valley, Capital 121,098 K. Valley, Withdrawals 8,000 Sales 249,660 Sales discounts 3,820 Sales returns and allowances 16,478 Cost of goods sold 96,761 Sales salaries expense 34,203 Rent expenseSelling space 11,734 Store supplies expense 2,996 Advertising expense 21,221 Office salaries expense 31,208 Rent expenseOffice space 2,996 Office supplies expense 999 Totals $ 412,916 $ 412,916 On August 31, 2014, merchandise inventory was $29,456. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs. Invoice cost of merchandise purchases $ 107,310 Purchase discounts received 2,254 Purchase returns and allowances 5,151 Costs of transportation-in 3,900