Lighting Depot had a $48,000 beginning inventory and a $52,000 ending inventory. Sales were $320,000, purchases of merchandise were $172,000, merchandise returned to suppliers was $10,000, purchase discounts taken were $8,000, and transportation costs for merchandise purchased were $12,000. Cost of goods sold for the period was:

$98,000

$138,000

$162,000

$170,000

All of the above

None of the above