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 $75,560 96,330 373,880 14,760 Purchases returns & allowances Purchases discounts Freight in 10,900 4,135 Schedule of the Cost of Goods Sold For the Month Ended August 31 1 Cost of merchandise purchased: Net purchases Total cost of merchandise purchased