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 17,500 965,550 X Feedback Check My Work The cost of merchandise sold section includes the beginning inventory, plus net purchases, plus freight in, less the ending inventory