Cost of Goods Sold Based on the following data, determine the cost of goods sold for July: Estimated returns of July sales $34,900 Inventory, July 1 190,850 Inventory, July 31 160,450 Purchases 1,126,000 Purchases returns and allowances 46,000 Purchases discounts 23,000 Freight in 17,500 Feedback Check My Work The cost of merchandise sold section includes the beginning inventory, plus net pur Lower-of-Cost-or-Market Method On the basis of the following data, determine the value of the inventory at the lower-of- cost-or-market by applying lower-of-cost-or-market to each inventory item, as shown in Exhibit 10. Item Inventory Quantity Cost per Unit $30 Market Value per Unit (Net Realizable Value) $33 JFW1 58 SAW9 114 10