Use the following information for Problems 3A-4A below. (Algo) Skip to question [The following information applies to the questions displayed below.] Valley Companys 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 expenseselling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative.

Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 41,000

Other (noninventory) assets 164,000

Total liabilities $ 47,355

Common stock 55,191

Retained earnings 79,369

Dividends 8,000

Sales 280,440

Sales discounts 4,291

Sales returns and allowances 18,509

Cost of goods sold 108,210

Sales salaries expense 38,420

Rent expenseSelling space 13,181

Store supplies expense 3,365

Advertising expense 23,837

Office salaries expense 35,055

Rent expenseOffice space 3,365

Office supplies expense 1,122

Totals $ 462,355 $ 462,355

Beginning merchandise inventory was $33,087.

Supplementary records of merchandising activities for the year ended August 31 reveal the following itemized costs. Invoice cost of merchandise purchases $ 120,540 Purchases discounts received 2,531 Purchases returns and allowances 5,786 Costs of transportation-in 3,900 rev: 09_18_2019_QC_CS-181259