James, who is a CPA for Cook and Cranford CPAs, is also pursuing a Law degree from the University of Georgia via distance learning. Total tuition paid during 2019 was $10,100. Books cost $2,000.00

On July 1, 2019 James started his own business JB Bait and Tackle. The business is a sole proprietorship. The income and expenses for 2019 are as follows:

Gross Sales 160,000

Wages, Salaries, and Benefits (Employees) 32,000

Returns and allowances 2,000

Advertising 4,000

Rent expense 14,000

Legal Fees 2,000

Purchases 81,000

Inventory 12-31-19 14,000

Taxes and Licenses 1,500

Utilities 3,600

Insurance 6,000

Telephone 2,000

What is the Cost of Goods Sold?