Cassie, Inc., a merchandising company, has the following budgeted figures:

Jan Feb Mar April

Sales $50,200 $67,000 $84,000 $95,000

Cost of goods sold

60% of sales

Required ending inventory

$10,000 + 25% of next month's sales

Inventory on hand on Jan 1

$27,500

Calculate cost of goods sold for the month of February.