Cost of Goods Sold Based on the following data, determine the cost of goods sold for July: Estimated returns of July sales Inventory, July 1 Inventory, July 31 Purchases $34,900 190,850 160,450 1,126,000 46,000 23,000 17,500 Purchases returns and allowances Purchases discounts Freight in Feedback Check My Work The cost of merchandise sold section includes the beginning inventory, plus net purchases, plus freight in, less t