Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 Inventory, August 31 Purchases Purchases returns & allowances Purchases discounts Freight in $75,560 96,330 373,880 14,760 10,900 4,135 Schedule of the Cost of Goods Sold For the Month Ended August 31 Cost of merchandise purchased: Net purchases Total cost of merchandise purchased All work saved. ly