Labels and Amount Descriptions Instructions Merchandise inventory, August 31101,910 Purchases Purchases returns and allowances Purchases discounts Freight-in 285.470 10,160 6,900 4,320 Required Based upon the above data for a business with a periodic inventory system, determine the cost of merchandise sold for August. Refer to the lists of Labels and Amount Descriptions for the exact wordling of the answer choices for text entries. Enter contra account amounts as negative numbers using a minus sign. Be sure to complete the statement heading