At the beginning of the year, Company Inc. had $5559 of merchandise inventory. During the year, the company purchased $72000 of inventory. At the end of the year, a count of the inventory revealed that the business had $11640 of inventory on hand. Company uses the periodic inventory system.

The Costs of Goods sold for the year is:

Select one:

a.54801

b.16677

c.89199

d.65919

e.None of the other alternatives is correct