Cost of goods sold Cost of goods sold: Inventory, May 31, 2015 $ 105,000 Cost of merchandise purchased: Purchases $1,110,000 Purchases returns and allowances 55,000 Purchases discounts 30,000 Freight in (22,000) Total cost of merchandise purchased 1,173,000 Inventory available for sale $1,278,000 Less inventory, June 1, 2014 1 91,300 Cost of goods sold before estimated returns $1,186,700 Estimated returns of this year's sales Cost of goods sold 43,300 $1,230,000 The schedule of the cost of goods sold for the year ended May 31, 2015 above contains errors. Prepare a corrected schedule of the cost of goods sold. Schedule of the Cost of Goods Sold Year Ended May 31, 2015 Cost of goods sold: Inventory, June 1, 2014 Purchases Purchases returns and allowances Purchases discounts Freight in Cost of merchandise purchased Inventory available for sale 1,110,000 55,000 30,000 22,000 1,173,000 X 1,278,000 X Inventory, May 31, 20YS 1,278,000 X Cost of goods sold before estimated returns 1,186,700 X Estimated returns 43,300 Cost of goods sold 1,230,000 X