Using the data that follows and assuming cost of goods sold is $273,700, prepare the cost of goods sold section of a merchandising income statement (periodic inventory system). Include the amount of purchases for the month of October.

Freight-in ................. $13,800

Merchandise inventory, Sept. 30, 2014 ...... 37,950

Merchandise inventory, Oct. 31, 2014 ..... 50,600

Purchases .................?

Purchases returns and allowances ........ 10,350