Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 $ 77,950 Inventory, August 31 93,490 Purchases 354,980 Purchases returns & allowances 16,200 Purchases discounts 13,820 Freight in 3,910 Schedule of the Cost of Goods Sold For the Month Ended August 31 Cost of merchandise purchased: Net purchases $ Total cost of merchandise purchased