Based upon the following data for a business with a periodic Inventory system, determine the cost of goods sold for August. Inventory, August 1 $ 70,840 Inventory, August 31 92,990 Purchases 347,750 Purchases returns & allowances 17,670 Purchases discounts 11,230 Freight in 3,855 Schedule of the Cost of Goods Sold For the Month Ended August 31 Cost of merchandise purchased: Net purchases Total cost of merchandise purchased Il