Based on the following data, determine the cost of merchandise sold for November:
Increase in estimated returns inventory ................................ $ 14,500
Merchandise inventory, November 1 .................................... 28,000
Merchandise inventory, November 30 ................................... 31,500
Purchases ................................................................... 475,000
Purchases returns and allowances ........................................ 15,000
Purchases discounts .......................................................... 9,000
Freight in ...................................................................... 7,000