Nine Company uses a periodic inventory system and the retail inventory method to estimate ending inventory and cost of goods sold. The following information is available as of and for the year ended December 31, 2018.

	Cost	Retail
Inventory, January 1, 2018	$35,000	$100,000
Net purchases	55,000	110,000
Net markups		15,000
Net markdowns		25,000
Net sales		75,000

Estimate the cost of goods sold for the year ended December 31, 2018.