34. Quentin's December 31, 2013, inventory T-account debit balance was $56,000 During 2014, its inventory purchases amounted to $25,000, and there were no inventory-related write-downs or losses. What was Quentin's 2014 cost of goods sold expense? $5,000 $67,000 $20,000 $45,000 Quentin Company Balance Sheet as of December 31,2014 Liabilities Current Liabilities Accounts payable. Short-term debt Current Assets Cash Inventory Prepaid expense. Total current assets. $42,000 30,000 12.000 $ 00,000 $30,000 42,000 Total current liabilities. $72.000 Non-current Liabilities Bond payable. Owners Equity Common stock. Retained earnings. Total Liabilities and Owners Equity Non-current Assets Plant and equipment (net). Patent (net) Total Assets 34,000 56,000 24,000 20,000 44,000 $ 170,000 S 170.D00