Cost of Merchandise Sold Cost of merchandise sold: Merchandise inventory, May 31, 2014 Cost of merchandise purchased: $148,300 Purchases $1.110,000 55,000 30,000 (22,000) Purchases returns and allowances Purchases discounts Freight in Total cost of merchandise purchased Merchandise available for sale Merchandise inventory, June 1, 2023 Cost of merchandise sold 1,173,000 $1,321,300 91,300 $1,230,000 The schedule of the cost of merchandise sold for the current year ended May 31, 2014 above contains errors. Prepare a corrected cost of merchandise sold section in the spaces provided below. Schedule of the Cost of Merchandise Sold Year Ended May 31, 2014 Cost of merchandise sold: Cost of merchandise purchased: Net purchases Total cost of merchandise purchased Cost of merchandise sold