Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August Inventory, August 1 $72,080 Inventory, August 31 90,940 Purchases 344,940 Purchases retums & allowances 16,860 Purchases discounts 12.020 Freight in 3,375 Schedule of the Cost of Goods Sold For the Month Ended August 31 Cost of merchandise purchased: Net purchases Total cost of merchandise purchased