Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $48,000 in inventory. During the quarter the company purchases $10.600 of new inventory from a vendor, returned $1,000 of inventory to the vendor, and took advantage of discounts from the vendor of $380. At the end of the quarter the balance in inventory is $35,500. What is the cost of goods sold? Multiple Choice $23,600 $21,720 $12.500 $23.100