Content Area Based upon the following data for a business with a periodic inventory system, determine the cost of goods sold for August. Line Item Description Amount Inventory, August 1 $ 71,910 Inventory, August 31 94,370 Purchases 340,270 Purchases returns and allowances 16,410 Purchases discounts 13,360 Freight in 3,245 Schedule of the Cost of Goods Sold For the Month Ended August 31