Based upon the following data, determine the cost of merchandise sold for May. Follow the format… 1 answer below »

Based upon the following data, determine the cost of merchandise sold for May. Follow the format used in Exhibit 2.

Merchandise inventory, May 1

$121,200

Merchandise inventory, May 31

142,000

Purchases

985,000

Purchases returns and allowances

23,500

Purchases discounts

21,000

Transportation in

11,300

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