Given the following information for Circuits Plus, an electronics retailer, compute the cost of goods sold.
Website maintenance............................................................................... $ 7,000
Delivery expenses.................................................................................... 1,000
Freight-in ................................................................................................ 3,000
Import duties........................................................................................... 1,000
Purchases ................................................................................................ 40,000
Ending inventory..................................................................................... 5,500
Revenues................................................................................................. 60,000
Marketing expenses................................................................................. 10,000
Beginning inventory................................................................................ 3,500