Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the follow expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising remaining expenses as general and administrative. Merchandise inventory (ending) Other (noninventory) assets Total liabilities Common stock Retained earnings Debit $ 42,500 Credit 170,000 $ 49,088 57,210 81,838 Dividends 8,000 Sales 290,700 Sales discounts 4,448 Sales returns and allowances 19,186 Cost of goods sold 112,026 Sales salaries expense 39,826 Rent expense-Selling space 13,663 Store supplies expense 3,488 Advertising expense 24,710 office salaries expense 36,338 Rent expense-Office space 3,488 Office supplies expense Totals 1,163 $478,836 $478,836 Beginning merchandise inventory was $34,298. Supplementary records of merchandising activities for the ye reveal the following itemized costs. Invoice cost of merchandise purchases $124,950 Purchases discounts received 2,624 Purchases returns and allowances 5,998 Costs of transportation-in 3,900 Required: