Valley Company's adjusted trial balance on August 31, 2017, its fiscal year-end, follows. Credit Debit $ 43,000 $ 49,665 140,542 8,000 294,120 Merchandise inventory Other (noninventory) assets Total liabilities K. Valley, Capital K. Valley, withdrawals 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 Totals 4,500 19,412 113,298 40,294 13,824 3,529 25,000 36,765 3,529 1,176 $484,327 $484,327 On August 31, 2016, merchandise inventory was $34,701. Supplementary records of merchandising activities for the year ended August 31, 2017, reveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in $126,420 2,655 6,068 3,900 VALLEY COMPANY Income Statement For Year Ended August 31, 2017 Expenses Total expenses