Required information Use the following information for the Problems 3A-4A below. (Static) [The following information applies to the questions displayed below.] Valley Company's adjusted account balances from its general ledger 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. Adjusted Account Balances Debit Merchandise inventory (ending) $ 41,000 Credit Other (noninventory) assets. 130,400 Total liabilities $ 25,000 Common stock Retained earnings 10,000 94,550 Dividends 8,000 Sales 225,600 Sales discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense-Selling space 8,000 Store supplies expense 1,500 Advertising expense 13,000 office salaries expense 28,500 Rent expense-office space 3,600 office supplies expense Totals 400 $355,150 $355,150 Beginning merchandise inventory was $25,400. Supplementary records of merchandising activities for the year ended August 31 reveal the following Itemized costs.