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H. Richards Company, a calendar yearend company, reported the following balances: December 31, 2021 Inventory $65,000 December 31, 2020 $72,500 Accounts payable 18,750 12,500 Richards

H. Richards Company, a calendar yearend company, reported the following balances: December 31, 2021 Inventory $65,000 December 31, 2020 $72,500 Accounts payable 18,750 12,500 Richards paid suppliers $122,500 during 2021. What was Richards' 2021 cost of goods sold

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