Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows Debit 32,500 130,000 Credit Merchandise inventory Other (noninventory) assets Total liabilities Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense $ 37,538 43,749 65,383 8,000 222,300 3,401 14,672 86,585 30,455 10,448 2,668 18,896 27,788 2,668 889 Totals $368,970 $368,970 On August 31, 2014, merchandise inventory was $26,228. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs Invoice cost of merchandise purchases Purchase discounts received Purchase returns and allowances Costs of transportation-in $ 95,550 2,007 4,586 3,900