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 $88,000. Classic purchased the sports car for $53,000 and paid $1,300 for freight in and $1,000 for freight out. What is the cost of goods sold? A. $33,700 B. $54,000 C. $53,000 D. $54,300