Based on the following data, determine the cost of merchandise sold for July:
Merchandise inventory, July 1: $178,160
Merchandise inventory, July 31: $155,145
Purchases: $1,064,535
Purchases returns and allowances: $47,810
Purchases discounts: $23,080
Freight in: $16,165
Determine the cost of merchandise sold for July:
Cost of merchandise sold: $