Question: Based upon the following data for a business with a periodic inventory system, determine the cost of merchandise sold for August. Merchandise inventory, August 1

Based upon the following data for a business with a periodic inventory system, determine the cost of merchandise sold for August.

Merchandise inventory, August 1 $ 96,850
Merchandise inventory, August 31 101,050
Purchases 254,410
Purchases returns and allowances 14,840
Purchases discounts 6,440
Freight in 5,380

$fill in the blank 1

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