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Question
Based upon the following data for a business with a periodic inventory system, determine the cost of merchandise sold for August.
| Merchandise inventory, August 1 | $ 75,560 |
| Merchandise inventory, August 31 | 96,330 |
| Purchases | 373,880 |
| Purchases returns and allowances | 14,760 |
| Purchases discounts | 10,900 |
| Freight in | 4,135 |
Answer
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