Assume Company prepares financial statements as of December 31. Company uses the periodic method for inventory and the GROSS method for recording purchases. Company has beginning inventory of $20,000 on December 1 and has no sales during December. Consider the following activity:

December 4 Company purchases and receives inventory with a gross cost of 80,000, terms 3/15, n/30.

December 12 Company pays for the December 4 purchase.

December 20, Company pays $500 for freight for delivery of the purchase.

Compute the cost of ending inventory that will appear on a balance sheet for Company on December 31.

Show your final answer at the top and any work after that on a separate line.