Document Word O Search View Help # 24 Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Inventory, August 1 $74,290 Inventory, August 31 93,870 Purchases 340,410 Purchases returns & allowances 17,310 Purchases discounts 11,220 Freight in 4,780 Schedule of the Cost of Goods Sold For the Month Ended August 31 Cost of merchandise purchased: Net purchases Total cost of merchandise purchased T LLI #18 Which of the following accounts would be included in the chart of accounts of a merchandising company using the (a) periodic inventory system, (b) perpetual inventory system, or (c) both systems? 1. Purchases 2. Inventory 3. Sales 4. Purchases Discounts 5. Cost of Goods Sold 6. Freight In 7. Delivery Expense # 22 Madison Company's perpetual inventory records indicate that $548,520 of merchandise should be on hand on October 31. The physical inventory indicates that $504,800 is actually, on hand. Journalize the adjusting entry for the inventory shrinkage for Madison Company for the year ended October 31, If an amount box does not require an entry, leave it blank. Oct. 31 a FEA