Valley Companyâ??s adjusted trial balance on August 31, 2015, its fiscal year-end, follows.DebitCred

Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows.DebitCredit Merchandise inventory$36,500 Other (noninventory) assets146,000 Total liabilities$42,158 Common stock49,133 Retained earnings71,965 Dividends8,000 Sales249,660 Sales discounts3,820 Sales returns and allowances16,478 Cost of goods sold96,761 Sales salaries expense34,203 Rent expense—Selling space11,734 Store supplies expense2,996 Advertising expense21,221 Office salaries expense31,208 Rent expense—Office space2,996 Office supplies expense999 Totals$412,916$412,916On August 31, 2014, merchandise inventory was $29,456. Supplementary records of merchandising activities for the year ended August 31, 2015, reveal the following itemized costs. Invoice cost of merchandise purchases$107,310 Purchase discounts received2,254 Purchase returns and allowances5,151 Costs of transportation-in3,900 Compute the company’s total cost of merchandise purchased for the year.

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