Classic Autos specializes in selling gently used specialty sports cars and uses the specific identification method of determining ending inventory and cost of goods sold. Item 507K was sold for

$ 80 comma 000

.

Classic purchased the sports car for

$ 55 comma 000

and paid

$ 1 comma 500

for freight in and

$ 1 comma 200

for freight out. What is the cost of goods sold?

A.

$ 23 comma 500

B.

$ 56 comma 200

C.

$ 55 comma 000

D.

$ 56 comma 500