For the current month, a business had Purchases of $32000; Sales of $65,000; a beginning inventory balance of $7,400 and an ending inventory balance of $8,900. Purchase discounts taken were $900 and Sales discounts given were $450. Sales Returns and Allowances were $850 and Purchase Returns were $1,150 . Additionally Transportation Costs paid on merchandise purchased was $1000. Given these facts, determine the Cost of Goods Sold.

A) $54,800

B) $63,700

C) $30,500

D) $29,450

Please provide how you determined COGS as well.