Based upon the following data, determine the cost of merchandise sold for July: Merchandise inventory, July 1

Question:

Based upon the following data, determine the cost of merchandise sold for July:
Merchandise inventory, July 1 ....... $ 88,370
Merchandise inventory, July 31 ........ 92,120
Purchases ................ 681,400
Purchases returns and allowances ...... 9,250
Purchases discounts ............ 7,000
Transportation in ............. 3,180