John commenced trading on 1 January 2019 with opening inventories valued at 22,000. During the year purchases valued at 15,000 were made. Closing inventories as at 31 December 2019 were worth 1,500 and sales were 70,000.

In the statement of profit and loss account, what will be the cost of sales value for the year ended 31 December 2019?

Select one:

a. 53,200

b. 20,400

c. 51,000

d. 35,500