Question: Based on the following data, determine the cost of merchandise sold for August: Merchandise inventory, August 1 $120,000 Merchandise inventory, August 31 150,000 Purchases 780,000

Based on the following data, determine the cost of merchandise sold for August:

Merchandise inventory, August 1 $120,000

Merchandise inventory, August 31 150,000

Purchases 780,000

Purchases returns and allowances 20,000

Purchases discounts 10,000

Freight in 5,000

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