1) What is cost of goods sold given the five transactions below? (Beginning balance inventory = 5,000). Your Company purchased $50,000 of inventory on account , terms 2/10 ,n30.

Your Company purchased inventory under FOB shipping point Shipping cost $500.

Your Company returned $10,000 of the inventory before paying its bill .

Your Company paid the amount owed in the first transaction on day 8.

Your company sold all of its inventory for $65,000 on account terms 2/10,n30 .

a. $44,500

B. $44,700

C. $44,200

D. $39.700

E. $45,000