Based on the following data, determine the cost of goods sold for July:
Estimated returns of July sales .....................................................$ 34,900
Inventory, July 1 .............................................................................190,850
Inventory, July 31 ...........................................................................160,450
Purchases ...................................................................................1,126,000
Purchases returns and allowances ..................................................46,000
Purchases discounts ........................................................................23,000
Freight in ..........................................................................................17,500