Inventory, August 1 Inventory, August 31 Purchases Purchases returns & allowances Purchases discounts Freight in Based upon the above data for a business with a periodic inventory system, determine the cost of goods sold for August. $76,500 95,860 358,880 17,590 10,090 3,380 Schedule of the Cost of Goods Sold For the Year ended August 31 Net purchases Total cost of merchandise purchased