Monte Vista uses the perpetual inventory system. At the beginning of the quarter, Monte Vista has $37,000 in inventory. During the quarter the company purchases $8,950 of new inventory from a vendor, returned $1,400 of inventory to the vendor, and took advantage of discounts from the vendor of $270. At the end of the quarter the balance in inventory is $30,000. What is the cost of goods sold?

Jackson Manufacturing Company had a beginning inventory of $18,000. During the year, the company recorded inventory purchases of $75,000 and cost of goods sold of $56,000. The ending inventory must equal: