Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 $ 72,950 Inventory, August 31 92,820 Purchases 347,220 Purchases returns & allowances 17,800 Purchases discounts 12,550 Freight in 4,135 Schedule of the cost of Goods Sold For the Month Ended August 31 Inventory, August 1 Cost of merchandise purchased: Purchases Purchases returns and allowances Purchases discounts Net purchases Freight in Total cost of merchandise purchased Inventory available for sale Inventory, August 31 Cost of goods sold