Valley Company's adjusted trial balance on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Debit Merchandise inventory (ending) $ 30,000 Credit Other (noninventory) assets Total liabilities 120,000 Common stock $ 34,650 40,383 Retained earnings 61,267 Dividends 8,000 Sales 205,200 Sales discounts 3,140 Sales returns and allowances 13,543 Cost of goods sold. 80,224 Sales salaries expense 28,112 Rent expense-Selling space 9,644 Store supplies expense 2,462 Advertising expense 17,442 Office salaries expense 25,650 Rent expense-office space 2,462 Office supplies expense 821 Totals $341,500 $341,500 Beginning merchandise inventory was $24,210. Supplementary records of merchandising activities for the year ended August 31 eveal the following itemized costs. Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances $88,200 1,852 4,234