Question: Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. $75,090 Inventory, August 1

Based upon the following data for a business with a periodic

Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. $75,090 Inventory, August 1 Inventory, August 31 98,070 Purchases 366,450 Purchases returns & allowances 15,210 Purchases discounts 10,770 Freight in 3,360 Schedule of the Cost of Goods Sold For the Month Ended August 31 Cost of merchandise purchased: Net purchases Total cost of merchandise purchased

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