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Problem
Valley Company's adjusted trial balance on August 31, 2015, its fiscal year-end, follows.
Debit
Credit
Merchandise inventory
36,500
Other (noninventory) assets
146,000
Total liabilities
42,158
Common stock
49,133
Retained earnings
71,965
Dividends
8,000
Sales
249,660
Sales discounts
3,820
Sales returns and allowances
16,478
Cost of goods sold
96,761
Sales salaries expense
34,203
Rent expense-Selling space
11,734
Store supplies expense
2,996
Advertising expense
21,221
Office salaries expense
31,208
Rent expense-Office space
Office supplies expense
999
Totals
412,916
On 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 received
2,254
Purchase returns and allowances
5,151
Costs of transportation-in
3,900
Compute the company's total cost of merchandise purchased for the year.
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